SunTrust Banks Inc. said it is outsourcing some paper-processing operations to Symcor Inc. and transferring several properties and employees to the Toronto vendor to support the work.
The Atlanta banking company announced Thursday that Symcor would take on check clearing, lockbox processing, and statement production for SunTrust during the next 10 years. SunTrust said it will keep electronic payment services in-house, including wire transfers and automated clearing house payments.
"Outsourcing this operations allows us to improve our efficiency … , and we think ultimately it's going to enhance the service levels to our clients," said Mike McCoy, a SunTrust spokesman.
About 1,500 employees in eight cities are to become Symcor employees in August, and 54 jobs at those sites are to be cut. The companies did not disclose other terms of the agreement.
