DALLAS, Oct 04, 2011 -- ACS, A Xerox Company today announced it is expanding its capabilities in the financial services industry with the acquisition of Symcor's U.S. operations.
Symcor specializes in outsourcing services for financial institutions. Its offerings range from cash management services to statement and check processing.
The acquisition enables financial institutions to adjust to the changing payment landscape from paper-based payments to electronic payments by incorporating Symcor's U.S. check and payment processing services into ACS' current suite of business process services. ACS will now be able to serve both Symcor customers in the U.S. as well as current clients with one of the industry's broadest arrays of financial services offerings.
"Expanding our value and efficiency to banks and financial institutions continues to be a priority for ACS," said Kent Schnacker, executive vice president of ACS' financial services group. "As the finance industry evolves and business needs shift, ACS recognizes the need to ensure our customers are positioned for success with a wider range of services."
Schnacker noted that despite the expansion of electronic payments options, consumers and business continue to rely on paper checks for commerce. In 2009, about 24.5 billion checks were processed valued at $31.6 trillion.(1) As financial institutions focus on developing new products and services for their clients, their traditional paper payments can be consolidated by a central service provider.
ACS benefits from the industry expertise of Symcor's leadership team and its 1,500 employees located at 15 service centers throughout the country.
"This transaction will provide continuity of service to our customers and employment opportunities for our U.S. employees," said Chameli Naraine, president & chief executive officer, Symcor.
Established in 2005, Symcor's U.S. business is a subsidiary of Symcor Inc., a privately held company headquartered in Toronto and jointly owned by three of Canada's largest financial institutions.
About Xerox
Xerox Corporation is a $22 billion leading global enterprise for business process and document management. Through its broad portfolio of technology and services, Xerox provides the essential back-office support that clears the way for clients to focus on what they do best: their real business. Headquartered in Norwalk, Conn., Xerox provides leading-edge document technology, services, software and genuine Xerox supplies for graphic communication and office printing environments of any size. Through ACS, A Xerox Company, which Xerox acquired in February 2010, Xerox also offers extensive business process outsourcing and IT outsourcing services, including data processing, HR benefits management, finance support, and customer relationship management services for commercial and government organizations worldwide. The 134,000 people of Xerox serve clients in more than 160 countries. For more information, visit http://www.xerox.com , http://news.xerox.com , http://www.realbusiness.com or http://www.acs-inc.com . For investor information, visit http://www.xerox.com/investor .
(1) Source: Federal Reserve Payment Study 2010.
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SOURCE: Xerox Corporation
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