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Carretek Expands Offshoring Contract
to Include Check Exceptions Processing
Client savings of 40 percent to 50
percent expected in reduced per-item costs
DALLAS,
TEXAS, USA (February 15,
2005 ) — Carretek LLC,
a transformational business processing
outsourcer for transaction processing,
announced today that it has been
awarded a three-year agreement
with a US-based company to offshore
its check exceptions processing.
Carretek is jointly owned by Carreker
Corporation (a leading provider of
technology and consulting solutions
for the financial services industry:
Nasdaq CANI) and Majesco Software Inc.
(a subsidiary of Mastek Limited, a
leading global outsourcing company:
National Stock Exchange, India: MASTEK).
The same client, whose identity was
not disclosed, previously contracted
with Carretek in August 2004 to offshore
another set of transaction processing
functions. With exceptions processing,
as with those previously contracted
to Carretek, the client expects to
realize cost savings in the range of
40 percent to 50 percent .
A key aspect of the agreement was
the development of unique processes
and technology to process exceptions
in near real-time, to guard customer
and company privacy, and to comply
with regulatory deadlines for processing
timeliness. With Carretek, client information
is maintained onshore, while selected
data entry and decisioning functions
are provided offshore. Carretek maintains
governance and encryption models to
ensure full data security.
As Carretek offshores the currently
contracted functions successfully,
the client expects to continue increasing
its offshoring commitment.
Bob Olson, President of Carretek,
said, “This new contract demonstrates
our ever-expanding value proposition,
coming as it does while the client
continues to meet business case expectations
through our offshore facilities in
India. With exceptions processing,
the client has chosen to offshore another
high-volume, labor-intensive function
that requires great accuracy but, thanks
to image-enabled applications, is no
longer dependent on geography.”
Ketan Mehta, director of Carretek
and co-founder of Mastek, said, “Our
experience to date with this client
confirms Carretek’s deep domain
expertise in the business, technology
and regulatory environment, a discipline
of control and security, a proven change
management process, demonstrated competence
in people and process management in
India, and a record of delivering results
reliably day after day.”
J. D. (Denny) Carreker, chairman
and CEO of Carreker Corporation said, “Once
again, this client, whom we have served
for more than two decades with a variety
of technology and consulting solutions,
is confirming their confidence in our
expertise in payments processing. In
the wake of Check 21, as more financial
institutions digitize their payment
operations, offshoring becomes increasingly
feasible and as cost pressures increase,
it becomes increasingly attractive.”
About Carretek
Carretek was formed
in May 2003 as a partnership between
Carreker Corporation and Mastek. For
more information, visit www.carretek.com.
Carretek offers companies the opportunity
to significantly reduce costs while
maintaining high quality standards
for real time and near real time payment
and transaction operations by combining
domain expertise with state of the
art information security, imaging technology,
process reengineering and the cost
efficiencies of a global workforce.
About Carreker Corporation
Carreker Corporation improves earnings
for financial institutions around
the world. The Company’s integrated
consulting and software solutions
are designed to increase clients’ revenues
and reduce their expenses, while improving
security and increasing the value
of their customer relationships. Carreker
provides products and services to
more than 250 clients in the United
States, Canada, the United Kingdom,
Ireland, continental Europe, Australia,
New Zealand, South Africa, South America,
Mexico, and the Caribbean. Clients
include the full range of community,
regional and large banks, among them
more than 75 of the largest 100 banks
in the United States. Headquartered
in Dallas, Texas since 1978, Carreker
Corporation has offices in London
and Sydney. For more information,
visit www.carreker.com.
About Mastek
Mastek, a US $ 91 million publicly held,
global IT application outsourcing company
with global operations, that delivers
cost effective quality solutions as per
the customized requirements of Fortune
1000 organizations worldwide. With its
principal offshore delivery facility
based at Mumbai, India, Mastek operates
across US, Europe, Japan and Asia Pacific
regions. Incorporated in 1982, Mastek
has been in the forefront of technology,
which along with proven methodologies
and processes, increase IT value generation
to its customers through onsite and offshore
deliveries. For more information, visit www.mastek.com.
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