Genpact (NYSE:G), a global leader in digitally-powered business process management and services, today announced that it has signed a definitive agreement with global financial services technology solutions provider Fiserv, Inc. (FISV), to acquire the assets of its Australia-based Item Processing Business (IPB), which serves three of the four major retail banks in Australia, handling approximately 70 percent of all checks processed in the Australian market.
Financial terms will not be disclosed.
The move strengthens and expands Genpact's capabilities in the Australian market as well as in the banking and financial services industry, furthering its ability to transform and digitize high-volume transaction operations for banks, especially in the payments space.
The IPB provides superior client service outcomes and operational economies of scale to a mission-critical process that is an essential part of the Australian financial ecosystem. The IPB's clients benefit from the integration of industry-leading processes, technology, and employee expertise to significantly improve payment processing operations that handle more than 100 million checks annually.
"The item processing assets and expertise will strengthen Genpact's Financial Services business with the addition of a strategic capability, talented workforce, and an extended client base," said Mohit Thukral, senior vice president and business leader, Banking, Financial Services and Insurance, Genpact. "This addition also provides a unique skill set for driving digital transformation both in the financial services industry and the Australian market, which is a key strategic focus for us."
"Genpact is well-positioned to carry the business forward, given its business process expertise and our shared commitment to innovation and service excellence," said Steve Tait, group president, Fiserv. "Fiserv remains fully committed to growth in Australia within our strategic solutions including Digital Banking, Managed Services, Risk and Compliance, Core Banking and Payments. We believe clients of IPB and its associates will be very well-served by Genpact."
Genpact's Lean DigitalSM approach - leveraging domain expertise, process excellence, design thinking, analytics and digital technologies - combined with the IPB's payment processing expertise and experienced talent - will help further drive effective and transformative outcomes for Genpact and IPB clients.