Sovereign Bank switches to Intercept for cheque imaging

Sovereign Bank has signed a definitive agreement with Georgia-based Intercept for item processing and cheque imaging services.

  0 Be the first to comment

Sovereign Bank switches to Intercept for cheque imaging

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

InterCept expects the that total revenue from the multi-year contract to be in excess of $120 million.

Paul Waters, Sovereign's executive director of transaction services, says the bank conducted a detailed review of several vendors before deciding on Intercept.

"Our primary objectives in this project are to enhance scalability, provide flexibility for future growth and rationalise our expenses," he adds.

To accommodate the additional business, InterCept plans to open four new item processing centres, expand two existing centres and add approximately 200 new employees.

The vendor says it will take over the item processing services from Sovereign's current supplier in mid to late 2003 and will complete the process in early 2004.

Sponsored [New Impact Study] Surviving Digital Fallout: Operational Resilience in 2025 and beyond

Related Company

Comments: (0)

[New Impact Study] NextGen Retail Banking: A Roadmap to Successful ModernisationFinextra Promoted[New Impact Study] NextGen Retail Banking: A Roadmap to Successful Modernisation