Remittance Processing Operations Outsourced by UK High Street Retailer
26.04.2007 — London, UK
A major UK retail company has outsourced its remittance processing operation to business process outsourcing specialists BancTec. The three year managed service agreement contracts-out the processing and archiving activities for all remittance payments made to a range of personal financing products including the client’s store card and credit card. The agreement is expected to reduce current processing costs by 20% throughout the term of the contract.
The outsource service, which performs to set service level agreements, processes on average 37,000 payments per day. The payments, which comprise primarily of cheques and giros, are mailed directly to the on-shore processing facility in Harlow, Essex, where they are processed and delivered to the clearing house the same day. The hosted archive offers the client secure access to the giro and cheque images providing immediate query resolution. In addition, a direct feed of the transactional data provides daily reconciliation of the payments within the client’s accounts payable system.
The process was replicated at the BancTec outsource facility allowing a phased delivery of the service to begin one month from initial setup. James Silcock, Business Development Director, EMEA at BancTec commented, ?BancTec have been long term suppliers of payment processing solutions to this client. Moving them to an outsource service is a natural progression of the relationship where we can help them reduce the average cost per item for processing their payments.?
About BancTec
About BancTec BancTec helps clients around the world simplify the process of managing their information. Founded in 1972, the company provides a wide range of solutions for automating complex, high-volume and data-intensive business processes for clients in the financial services, healthcare, manufacturing, government, services and utilities industries. BancTec’s offerings include business solutions, business process outsourcing, and infrastructure services. With headquarters in Dallas, BancTec is privately owned and serves clients in 50 countries.
Contact:
James Silcock
BancTec Ltd Tel: +44 (0)1753 778888
james.silcock@banctec.co.uk
