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Barclays, HSBC & Lloyds TSB have signed a five-year contract extension with Unisys for cheque and credit clearing services.

Barclays, HSBC & Lloyds TSB have signed a five-year contract extension with Unisys for cheque and credit clearing services.

The new deal worth £315 million is with Intelligent Processing Solutions, a majority Unisys owned joint venture with the three banks.

Intelligent Processing Solutions offers large-scale, secure outsourcing services across the UK banking sector, including all aspects of cheque processing, image archive and retrieval, reconciliation and other back office functions.

Royston Hoggarth, chairman of Intelligent Processing Solutions, said, “By using a centralised, shared-services model that delivers significant economies of scale, iPSL enables our client banks to process payments with greater cost-efficiency than they could achieve individually.