Genpact, a provider of digitally-powered business process management and services, has agreed to acquire the Australia-based Item Processing Business (IPB) of fintech provider Fiserv for an undisclosed sum.

Fiserv’s IPB business offers services to the four major retail banks in Australia, handling nearly 70% of all cheques processed in the market.

The acquirer said that the takeover will boost its capabilities in the Australian market as well as in the banking and financial services industry.

Genpact further said that the deal will strengthen its ability to digitise high-volume transaction operations for banks, mainly in the payments space.

Commenting on the agreement, Genpact senior vice president and business leader for banking, financial services and insurance Mohit Thukral said: “The item processing assets and expertise will strengthen Genpact’s Financial Services business with the addition of a strategic capability, talented workforce, and an extended client base.

“This addition also provides a unique skill set for driving digital transformation both in the financial services industry and the Australian market, which is a key strategic focus for us.”

Fiserv group president Steve Tait added: “Fiserv remains fully committed to growth in Australia within our strategic solutions including Digital Banking, Managed Services, Risk and Compliance, Core Banking and Payments. We believe clients of IPB and its associates will be very well-served by Genpact.”