Viewpointe LLC has extended its services contract with International Business Machines Corp. for an additional five years.
Under the deal, the Armonk, N.Y., technology company is to manage greater portions of Viewpointe's support, application management services and project management functions, while the New York check-image archive retains responsibility for overseeing these areas, the companies said.
"The needs of Viewpointe's customer base are evolving rapidly. This agreement allows us to be dynamic in meeting market demands and focused on those elements that are core to our business," Lou Buglioli, Viewpointe's chairman and chief executive, said in a press release Friday.
Founded in November 2000 by IBM, Bank of America Corp. and the company then known as Chase Manhattan Bank, Viewpointe is now owned by IBM and five large banks and houses an estimated 70% of the nation's checks. Its archive customers include the Federal Reserve banks and the vendor Fiserv Inc., the nation's largest nonbank check processor.
Viewpointe, which entered the automated clearing house and check settlement business in December through the acquisition of PaymentsNation, a Dallas company, announced a reorganization at the time that included the formation of a business unit to target emerging payments opportunities.