Sovereign Bancorp has farmed out the management of its Internet-based banking services to Electronic Data Systems Corp.

The Wyomissing, Pa.-based banking company joins a growing number of financial institutions in outsourcing Internet-related tasks. The terms of the deal were not disclosed.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.