HSBC Bank has taken a ten per cent stake in the Unisys UK-based cheque processing venture iPSL. Financial terms have not been disclosed.
Under the ten year agreement, the bank will outsource its cheque processing operations to iPSL.
The venture was created in December 2000 from the cheque processing operations of Barclays, Lloyds TSB and the Unisys subsidiary UPSL, which processed cheques on behalf of Girobank, Co-operative Bank and National Australia Group. Unisys now holds a 51% stake, with Barclays and Lloyds each holding 19.5% of the company.
iPSL says the new contract will increase its market share in the UK from 49% to around 70%.