Canada's Scotiabank is to outsource its cheque, item and statement processing services to financial transactions company Symcor.
The service agreement is valued at approximately $1.1 billion over 13 years and is expected to commence early next year. As part of the deal, Symcor will take on approximately 1000 Scotiabank employees.
The contract calls for Symcor to handle all transactions including bill payment processing, cheque clearing, exceptions, charge-backs and tracing services for the Canadian bank.
The company will also provide Scotiabank with mail services and statement and report printing.
Paul Currie, Symcor CEO says: "This agreement, an integral part of our plan to expand our business across North America, will result in significant additional work volumes for our Canadian operations."