Genpact To Buy Item Processing Assets Of Fiserv Australia; Terms Undisclosed

(RTTNews) - Genpact (G) said Monday that it has signed a definitive agreement with global financial services technology solutions provider Fiserv Inc. (FISV), to acquire the assets of its Australia-based Item Processing Business (IPB), which serves three of the four major retail banks in Australia, handling approximately 70 percent of all checks processed in the Australian market. Financial terms will not be disclosed.

The IPB provides superior client service outcomes and operational economies of scale to a mission-critical process that is an essential part of the Australian financial ecosystem. The IPB's clients benefit from the integration of industry-leading processes, technology, and employee expertise to significantly improve payment processing operations that handle more than 100 million checks annually.