Fiserv Inc., has agreed to buy Questpoint, First Union Corp.'s third-party check processing and retail lockbox processing unit. Terms of the cash deal were not disclosed.

Philadelphia-based Questpoint sells check processing services to 10 banks, processing 49 million items a year. Fiserv, with 1997 revenues of $974 million, is the largest bank outsourcing company in the nation, processing for more than 7,000 banks.

Fiserv processes 4.3 billion checks a year.

"The acquisition of this business is consistent with our ongoing strategy to expand our nationwide item processing network," said George D. Dalton, chairman and chief executive officer of Fiserv.

"Through this latest agreement, we have gained contracts with other major financial institutions, including First USA, MBNA Corp., and Sun National."

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