Westpac Awards EDS $679 Million for Mortgage Processing Services

• By theWHIR.com , September 28, 2001

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September 28, 2001 -- (WEB HOST INDUSTRY REVIEW) -- EDS (eds.com) and Westpac Banking Corporation(westpac.com.au) of Australia has signed a 10-year, US$679 million (AUD$1 billion) agreement under which EDS will manage Westpac's mortgage processing operations.

EDS will assume the operations of The Mortgage Centre in Adelaide, SouthAustralia, which processes and services Westpac's mortgage portfolio ofapproximately 700,000 accounts. About 1,300 Westpac employees willtransition to EDS as part of the agreement.

The Westpac contract strengthens EDS' global leadership in the creditprocess management market. A core component of this strategic initiative isto apply the process engineering expertise EDS has gained serving thefinancial industry in different parts of the world to credit processing inAustralia.

David Clarke, Westpac Group executive, Banking and Financial Solutions, saidthe decision to outsource The Mortgage Centre's operations to a leadingglobal technology and business solutions provider such as EDS was in linewith Westpac's strategy to offer the highest level of customer service,while achieving scale efficiencies across the group.

"Partnering with EDS will also ensure we have access to worldwideinfrastructure and research and development capabilities to stay abreast ofthe rapidly changing technology environment," Clarke said.

EDS' global credit process management business is managed in the U.S.through a wholly owned operating company, Wendover Financial Services. Oneof the nation's leading mortgage subservicers with more than 30 majorbanking clients, Wendover Financial Services was first to bring to marketreverse annuity mortgages, shared servicing databases and shared servicingfunctions for the U.S. mortgage banking industry.

As a result of the agreement with Westpac, EDS will set up its third globalprocessing operating company, EDS Business Process Administration PtyLimited. This company will process Westpac's mortgages from the nationalprocessing centre in Adelaide, South Australia. It will also serve as theAustralian hub for EDS credit process management services, potentiallyleading to further expansion in the Asia Pacific region.

Our first priority in Australia, of course, is to complete a successfultransition and enable Westpac to provide its customers with world-classservice while reducing Westpac's operational costs," McMann said. "We thenplan to offer our industry expertise, economies of scale and globalcapabilities to help other institutions in the region transform theirconsumer credit businesses."

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