TLS will provide comprehensive loan administration services for organisations within the consumer lending sector. Grant Hawkins, Chairman and CEO, Target Group, commented, "TLS is a natural next step for Target, as we already provide a managed service for a number of our clients, where Target hosts and maintains many of its clients' IT systems and infrastructure. TLS will provide an extension of this service, where back-office functions such as application processing, account servicing and arrears management will be administered at TLS's premises."

The service has been launched in response to a growing trend within the financial services sector to outsource back-office processes, particularly for start-up operations looking for speed to market. Outsourcing these processes enables organisations to focus on their front-end capabilities; including product design, sales and marketing. For more established organisations, it enables them to respond to market conditions more efficiently, and to match the flexible, innovative nature of their start-up counterparts.

Mr Hawkins continued, "We foresee that TLS will be a flexible operation, providing services completely tailored to its clients' requirements. As well as benefiting from shared costs across the TLS customer base, clients will also gain value from Target's expertise in the financial services sector. With over 26 years' experience in helping businesses within this sector achieve competitive advantage through the delivery of software and systems, we are well-equipped to understand our clients’ processes and provide the right level of service."

The initiative, which will create up to 225 jobs, has been supported by the Welsh Assembly Government with a Regional Selective Assistance grant of £1.642 million.