Lloyds TSB is offshoring its finance and accounting
operations to India, under a five-year multi-million pound deal
with Xansa.
Under the agreement, Xansa will provide the bank with accounts
payable, employee expenses and fixed asset accounting services,
from its outsourcing centres in India.
Xansa says it will process over 330,000 invoices and 144,000
expense claims for Lloyds TSB each month.
Lloyds TSB said the deal would help it to transform and
standardise its operations to provide “significant cost savings”.
It will also enable it to achieve service improvements, said the
bank.
Xansa, which already provides offshore back office services to
Lloyds TSB from its Indian outsourcing delivery centres, says the
deal is one of the first F&A outsourcing contracts with a major
UK financial services player.
The bank has not said whether the deal will lead to any job
losses in the UK.
