Fiserv Signs Outsourcing Deal

Milwaukee-based Fiserv Inc. announced it has signed a long-term data processing management contract with Independence Bank of Encino, Calif.

The so-called outsourcing arrangement with $700 million-asset Independence Bank will enable the bank to run its existing software licensed from Information Technology Inc., based in Lincoln, Neb., through a Fiserv data center in Los Angeles. By maintaining its support agreements Information Technology, the bank avoids the need to convert to a new system and to retrain personnel.

Although terms of the contract were not disclosed, the outsourcing agreement will save the bank $1.3 million a year in processing costs, officials said. The 29 employees that previously worked in the bank's computer center are being rehired by Fiserv.

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