Parseq has secured a contract with thinkmoney to provide cheque processing services to its Personal Account customers.

thinkmoney offers a unique current account service that helps its customers to budget more effectively. The account ‘ring fences’ enough income to ensure that customers’ bills are paid each month. Remaining funds are loaded onto customers’ thinkmoney cards and are available for them to spend instore or online, or for withdrawal at ATMs.

The partnership will see the leading business services firm process all of the cheques deposited – mostly via Post Office Counters – by thinkmoney’s personal customers.

Simon Goodison-Maw, client services director at Parseq said: “thinkmoney approached us to work on the development of a tailored cheque processing solution for its customers because of our extensive knowledge of the financial and banking sector.

“As thinkmoney is an online provider, without its own branch network, it wanted a solution that would allow its customers to deposit cheques at the Post Office.

“They wanted to create a service that was unique and it’s been great helping them achieve just that.”

Parseq works on behalf of a number blue chip brands including the top ten international banks, a third of the UK’s utility sector, financial and insurance services.

Steve Muirhead, director of operations at thinkmoney adds: “We wanted to work with an outsource partner that had vast knowledge of the financial sectors and in Parseq that’s exactly what we found.”

Craig Smith, managing director of finance and administration at Parseq adds: “thinkmoney came to us via a client recommendation, which is a huge compliment. It wanted to tap into our wealth of experience and benefit from our industry relationships and knowledge.

“It’s an exciting project to help get off the ground and we’re thrilled to be working with thinkmoney.”