Carretek is jointly owned by Carreker Corporation (NASDAQ:CANI), a leading provider of technology and consulting solutions for the financial services industry, and Majesco Software Inc., a subsidiary of Mastek Limited, a leading global outsourcing company (National Stock Exchange, India: MASTEK).

The same client, whose identity was not disclosed, previously contracted with Carretek in August 2004 to offshore another set of transaction processing functions. With exceptions processing, as with those previously contracted to Carretek, the client expects to realise cost savings in the range of 40 percent to 50 percent.

A key aspect of the agreement was the development of unique processes and technology to process exceptions in near real-time, to guard customer and company privacy, and to comply with regulatory deadlines for processing timeliness. With Carretek, client information is maintained onshore, while selected data entry and decisioning functions are provided offshore. Carretek maintains governance and encryption models to ensure full data security.

As Carretek offshores the currently contracted functions successfully, the client expects to continue increasing its offshoring commitment.

Bob Olson, President of Carretek, said, "This new contract demonstrates our ever-expanding value proposition, coming as it does while the client continues to meet business case expectations through our offshore facilities in India. With exceptions processing, the client has chosen to offshore another high-volume, labor-intensive function that requires great accuracy but, thanks to image-enabled applications, is no longer dependent on geography."

Ketan Mehta, director of Carretek and co-founder of Mastek, said, "Our experience to date with this client confirms Carretek's deep domain expertise in the business, technology and regulatory environment, a discipline of control and security, a proven change management process, demonstrated competence in people and process management in India, and a record of delivering results reliably day after day."

Denny Carreker, chairman and CEO of Carreker Corporation said, "Once again, this client, whom we have served for more than two decades with a variety of technology and consulting solutions, is confirming their confidence in our expertise in payments processing. In the wake of Check 21, as more financial institutions digitise their payment operations, offshoring becomes increasingly feasible and as cost pressures increase, it becomes increasingly attractive."