Westpac ready to sign $1b outsourcing deal

Westpac is set to ink a $1 billion outsourcing deal with EDS this week to manage the bank's mortgage processing operations in Adelaide.

The 10-year agreement involves the transfer of 1300 employees to EDS; sources close to the deal said the contract will finally be signed tomorrow after months of negotiations.

In May this year Westpac invited EDS and Unisys to bid for the lucrative tender which covers the processing and servicing of mortgages.

Key to the bidding criteria was the ability to show potential to "significantly upgrade" technology, move to straight-through processing, enhance customer service and reduce costs.

The bank wants access to worldwide infrastructure to exploit the rapidly changing technology environment.

A formal announcement detailing the deal will be made later this week.

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