JPMorgan is to sell its national retail lockbox business to Indian IT company 3i Infotech.
3i Infotech's subsidiary, Regulus Group, is currently the largest outsourced remittance processing provider in the US. The group says the acquisition will further solidify its lead.
Virtually all JPMorgan Treasury Services NRLB employees have been offered positions with Regulus.
Between its newly acquired and existing facilities, Regulus says it will process more than 700 million payments annually once the acquisition is complete.
Financial details have not been disclosed.