News

Fiserv venture in outsourcing deal with National Bank of Canada

March 7, 2004

MONTREAL - The National Bank of Canada has signed a 10-year outsourcing deal valued at $368 million with a joint venture between Brookfield Wis.-based Fiserv Inc. and the Canadian Imperial Bank of Commerce.

Under the contract, the joint venture, INTRIA Items, will supply check, lockbox and currency processing to the National Bank of Canada. National Bank has assets of more than $80 billion (U.S. $60 billion).

According to a a news release, INTRIA will also assume control of several National Bank currency processing sites, including more than 600 employees who work at the sites. Services provided at the sites include automated ATM envelope processing, deposit processing and cash supply to National Bank's ATMs.

INTRIA Items, the largest outsourcer of currency processing in North America, currently is constructing an advanced processing center in LaSalle, Quebec, in which it will integrate all of its Montreal-area operations, including some of the new National Bank of Canada business.

INTRIA Items delivers services through 17 currency processing centers throughout Canada, according to the release.