MILWAUKEE - Thomas Cook Travel Money Services announced last week that it has signed a check processing outsourcing agreement with Fiserv Inc.
Under the agreement, Milwaukee-based Fiserv will supply item-processing services to Princeton, N.J.-based Thomas Cook for its travelers check business. The deal expands upon a previous arrangement in which Thomas Cook bought Fiserv check processing services through a former subsidiary of Barclays Bank. Thomas Cook acquired this unit in 1994.
Financial terms were not disclosed, although Fiserv officials said the deal would "generate significant revenue."
Fiserv will provide check clearing services for Thomas Cook out of facilities in Lake Success, N.Y., and Princeton. Both operations centers will clear about 120 million travelers check annually, company officials said.