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Case Study, Financial services

Tesco Bank: Providing seamless lockbox cheque processing to leading UK bank

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3+

Year relationship

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70K

Cheques handled

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65%

Cost reduction

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£124m

Payments value

Background

Tesco’s activity as a key supplier and key service provider through the pandemic increased substantially. Through the dramatic change in the marketplace, their primary focus was to continue to provide critical banking services to all customers. The key driver for this was to ensure a continuation of service through a challenging time. Like many large organisations, Tesco Bank opted to outsource services to optimise efficiency, reduce operational costs and enable internal resources to focus on key elements within the organisation. The nature of the contract originally involved Parseq being on boarded as a supplier change (with HSBC) and followed with a full contract transition to Parseq as a direct service provider. Partnering with Parseq enabled reliable management of the service for the customer base.

The challenge

The priority for Tesco Bank was to have reliability of service which Parseq provided seamlessly and promptly without error. A driving desire for Tesco was responsiveness to their requirements to enable an effective process that benefited the entire customer experience.

  • Providing one standard service option
  • Partnering with a reliable service
  • Continuous investment strategy, strengthening key services
  • Value for money
  • Insightful, real time MI & data intelligence
  • Responsiveness to changes in service or requirements

The solution

Through strategic collaboration and end-to-end communication between Tesco and Parseq, the proposed solution was to oer our Lockbox service to Tesco Bank products. We have an extensive history and pedigree in delivering UK and International Lockbox services to leading banks and financial institutions with many clients benefiting from our service for in excess of 45 years. The lockbox service consists of: receipt of cheques and remittances, opening, validating, scanning, data capture, supplying required data to the client, with associated cheques provided to the nominated clearing provider to enter clearing. Following the smooth transition and implementation of the initial service, we have continued to provide Tesco Bank a robust, reliable and responsive service with no incidents or issues over the last 3 years.

Successes
  • Seamless service from deposit to the point of clearing
  • Over 75K cheques processed
  • Providing optimum service delivery through challenging times and exceeding service levels
  • Collaborative partnership with Tesco Bank has open and clear communication, with real time processing information
  • Tesco Bank have had no escalations over the term of the partnership and provide regular positive feedback for the services and future plans
  • Client visibility with detailed reports and status updates on cheque processing
  • ADIR solution to provided visibility on images for cheques and remittances 24/7
 

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