14 December 2017
visit www.solutions.lexisnexis.com

ANZ and Kaz form cheque processing joint venture

17 July 2003  |  5188 views  |  0 ANZ

ANZ is forming a joint venture company with IT outsourcing firm Kaz Group to provide image-enabled cheque processing technology and services to financial services institutions in both Australia and the US.

Kaz will have a 60% equity in the joint venture, which will be conducted through two companies - one based in Australia and the other in the US. Both companies will be called Enhanced Processing Technologies (EPT).

EPT will consist of representatives from both ANZ and KAZ, with Brian Squires, ANZ executive manager, business products, heading the Australian operation, and Charles Dunn, general manager, Kaz Software Solutions leading the US division.

The new services offering will use the One-Pass system, which is based on Kaz's document and image processing software and supports a single pass process for image-enabled 'proof of deposit' cheque processing.

David Boyles, ANZ chief operations officer, says there is a significant market for the technology: "Having implemented the One-Pass system within ANZ, we were impressed by the significant improvements and cost savings to our cheque clearing processes."

Boyels adds that EPT is being actively promoted to the US banking industry and early indications reveal a positive response from the market.

Kaz says the agreement with ANZ is in line with its strategy of entering new markets through joint ventures.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

ANZ trials multi-million dollar online mortgage system - Herald Sun

ANZ trials multi-million dollar online mortgage system - Herald Sun

10 July 2003  |  4210 views  |  0 comments
ANZ and Westpac targets for bogus bank fraud

ANZ and Westpac targets for bogus bank fraud

04 July 2003  |  5956 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.aciworldwide.comvisit www.atos.netvisit www.thomsonreuters.info

Top topics

Most viewed Most shared
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
10147 views comments | 16 tweets | 25 linkedin
satelliteRipple completes XRP Lockup
9071 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
8831 views comments | 17 tweets | 36 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7566 views comments | 20 tweets | 11 linkedin
Brits flock to digital-only banksBrits flock to digital-only banks
7187 views 11 comments | 11 tweets | 15 linkedin

Featured job

Find your next job