IBM lands CDN$720 million TD Bank contract

IBM lands CDN$720 million TD Bank contract

Canada's TD Bank Financial Group has signed a seven year outsourcing contract with IBM worth CND$720 million for the supply of desktop and network support services.

Under the agreement, IBM will provide the desktop and network related services for more than 40,000 personal computers and over 1200 TD Canada Trust Branches. The services include the implementation of a data network.

John Davies, senior vice president & CIO of enterprise technology solutions, TD Bank Financial Group, says: "IBM's support will allow us to introduce new products and services for customers while realising cost savings."

Separately, IBM has teamed with the Taiwan Clearing to develop an electronic cheque presentment system, e-Check.

Taiwan's Hua Nan Commercial Bank is the first bank to complete testing of the Web-based system, which allows firms to issue cheques online. The service also allows for the processing and approval of domestic margin loans and lines of credit.

Pai Huei Shiung, chairman, Taiwan Clearing House, says: "By leveraging the very latest in technology and transforming our business processes, we are developing a shared platform to encourage small and medium banks to adopt the system and minimize start-up costs."

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