ACS buys Symcor's US operations

Source: ACS

ACS, A Xerox Company, today announced it is expanding its capabilities in the financial services industry with the acquisition of Symcor's U.S. operations.

Symcor specialises in outsourcing services for financial institutions. Its offerings range from cash management services to statement and cheque processing.

The acquisition enables financial institutions to adjust to the changing payment landscape from paper-based payments to electronic payments by incorporating Symcor's U.S. cheques and payment processing services into ACS' current suite of business process services. ACS will now be able to serve both Symcor customers in the U.S. as well as current clients with one of the industry's broadest arrays of financial services offerings.

"Expanding our value and efficiency to banks and financial institutions continues to be a priority for ACS," said Kent Schnacker, executive vice president of ACS' financial services group. "As the finance industry evolves and business needs shift, ACS recognises the need to ensure our customers are positioned for success with a wider range of services."

Schnacker noted that despite the expansion of electronic payments options, consumers and business continue to rely on paper cheques for commerce. In 2009, about 24.5 billion cheques were processed valued at $31.6 trillion.(1) As financial institutions focus on developing new products and services for their clients, their traditional paper payments can be consolidated by a central service provider.

ACS benefits from the industry expertise of Symcor's leadership team and its 1,500 employees located at 15 service centres throughout the country.

"This transaction will provide continuity of service to our customers and employment opportunities for our U.S. employees," said Chameli Naraine, president & chief executive officer, Symcor.

Established in 2005, Symcor' s U.S. business is a subsidiary of Symcor Inc., a privately held company headquartered in Toronto and jointly owned by three of Canada's largest financial institutions. 

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