Source: Pitney Bowes
Pitney Bowes Inc. (NYSE:PBI), the leading global provider of integrated mail and document management solutions, has won a $112 million mailing services contract from Bank of America (NYSE:BAC).
Under the agreement, Pitney Bowes will provide Bank of America with technology and expertise from across its broad solutions portfolio, including software and technology from its Management Services and Global Mailing Systems businesses. In addition, Bank of America will continue to utilize services offered by Pitney Bowes Document Messaging Technologies, as well as the pre-sorting services offered by Pitney Bowes through its PSI pre-sort business, that will result in significant postal savings for the bank.
Pitney Bowes has provided document management services, including print, reprographic, and scanning services to Bank of America for the past three years, delivering significant savings during this period. The new relationship allows Pitney Bowes to leverage its core competencies in mail management at Bank of America, one of the world's largest mailers.
"With so many locations across the country, we were looking for a provider to create a united, national mail and document management program across our entire enterprise while meeting the needs of our growing business," noted Robert Kee, Senior Vice President, Document Management, Finance Operations, Bank of America.
As part of the agreement, the two companies will create a system that will institutionalize Six Sigma quality methodology across the bank's mailing operations. Through the program, Pitney Bowes Six Sigma specialists working at Bank of America locations have committed to deliver millions of dollars in productivity savings over the life of the contract.
"Pitney Bowes has invested more than $1 billion in new technology over the last decade, far more than any other company in the mailing industry. Today, our expertise extends well beyond the mailroom, and positions us as the only provider that offers a truly integrated approach," stated Matthew Kissner, Executive Vice President, Pitney Bowes Inc. and Group President, Global Enterprise Solutions. "Using our real-time, web-enabled mail management system, Bank of America can quickly react to changes in the postal environment. Our mail management tools will provide unprecedented insight into changing mail volumes so the bank can adapt its mailing strategy accordingly.