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| Carreker
Contacts: |
Mastek
Contact: |
Ann
Cain
Strategic Communications Director
972-371-1748
acain@carreker.com
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Sanjay
Mudnaney
Senior Manager Corporate Communications
972-371-1748
91 -22- 28247745
sanjaym@mastek.com |
Lisa
Peterson
Chief Financial Officer
972-371-1454
lpeterson@carreker.com
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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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