News

Australian banks buy into Carreker cash handling concept

October 9, 2002

DALLAS -- Carreker Corporation (Nasdaq: CANI) says that the three large Australian-based banks using the services of Cash Services Australia (CSA), Westpac Banking Corporation, Commonwealth Bank of Australia and Australia and New Zealand Banking Group Limited, have become equity owners in CSA, with each assuming ownership of 25 percent of the company and Carreker retaining 25 percent.

Carreker in 2001 helped the banks create and launch CSA as an outsourcing service provider to manage two costly cash handling functions for all three banks: armored carriers and first-line ATM maintenance.

Additionally, CSA utilizes Carreker technologies that streamline and automate the cash-ordering process for the banks, according to a news release.

According to the release, Carreker expects more Australian banks to join CSA, producing additional economies of scale, and CSA plans to expand its service offerings to include other cash management services.

Mike Hansen, Carreker president and CSA board member, said in the release, "The Australian banks have shown tremendous initiative in collaborating for mutual gain and customer advantage. Cash handling is an increasingly costly and complex function that can benefit from shared entities such as CSA."