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.

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