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Barclays signs back-office banking deal

Multi-million BPO contract extension

Tags: barclays

By Steve Ranger

Published: 23 November 2006 12:15 GMT

Barclays has signed a multi-million pound extension to the business process outsourcing (BPO) deal it has with Siemens Business Services.

The extension, to 2008, is the second since the original deal was struck in 2000.

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Siemens runs parts of the bank's retail banking back-office, including account closures, transfer of funds and administrative processing for direct debit and standing order instructions.

The company said it has delivered "major" reduction in operation costs through the introduction of imaging technologies and new workflow systems.

Richard Maddison, head of account servicing at Barclays, added the deal has delivered "significant" savings to the bank in the last six years.

Barclays recently created a new chief operating officer position within the IT department to run the banking group's 'Getting IT Right' programme, and announced plans to roll out two-factor authentication to online banking customers next year.

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