Financial Services Inc., an outsourcing company in Glen Rock, N.J., has signed an agreement with Hudson City Savings Bank to supply check-clearing services.
Based in Paramus, Hudson City Savings has $4.6 billion of assets. It is the largest mutual savings bank in New Jersey.
According to Domenick Cama, an executive at FSI, Hudson City Savings decided to outsource its check-clearing function to reduce payroll and cut costs.
Mr. Cama added that Hudson City is no stranger to the outsourcing business, having owned an outsourcing operation years ago.
"Hudson City worked with us five or six years ago when it dissolved its outsourcing operation and steered their clients to us," he said.