The UK's Barclays Bank has signed a new two year business process outsourcing (BPO) contract, worth £45 million, with Siemens Business Services.
The new contract is an extension of an existing deal signed in 2000. Siemens will continue to manage areas of Barclays' retail banking back office operations, including the bank's credit card subsidiary Barclaycard, through to 2007.
The vendor has been managing areas of Barclays' retail banking back office for the last five years, including account closures, transfer of funds and administrative processing for direct debit and standing order instructions.
John Stewart, service manager, branch and customer account services, Barclays, says the bank has enjoyed a high standard of service from Siemens Business Services which has allowed it to focus on its core business.