EDS and Bank of America have announced they have signed a $4.5 billion managed network outsourcing services agreement. EDS will help Bank of America transform its voice and data network infrastructure by providing the company with stronger and more flexible operating platforms.
Approximately 1 000 Bank of America associates across the US will transition to EDS as part of the agreement.
"We choose to partner with EDS because this is what they do best. This agreement will help us achieve best-in-class delivery of products and services," said Don Obert, technology services executive for Bank of America. "It`s important for us to capitalise on the expertise of partners like EDS to help us align our resources with business needs, to be better prepared for future growth and to support our ongoing efforts to improve service quality."
The relationship will enable Bank of America to continue to deliver high quality and more efficient service for customers. EDS will provide Bank of America end-to-end operations including flexible, secure telecommunications solutions that apply best-in-class technology and processes.
Beginning in February, Bank of America will transition carrier services to EDS, establishing a "one-stop shop" for voice and data services to effectively manage complexity through the design and implementation of new network-related solutions. In addition, EDS will redesign and implement solutions to optimise Bank of America`s optical network and provide the company with help desk operations support.
"EDS has a track record of helping clients take advantage of new technologies," said Coley Clark, president for EDS` Financial Global Industry Solutions. "EDS will provide consistency and predictability to enhance Bank of America`s continued emphasis on customer service and the integration of its services delivery to clients. EDS is committed to delivering the high level of service excellence they expect."
EDS is the global leader in deploying technology for financial institutions. The company`s work in the worldwide financial services industry accounted for about 17% of the company`s revenue last year. More than 10 000 EDS employees work on finance-related projects in 29 countries for such customers as Lloyds TSB, KBC, Royal Bank of Scotland, Banca di Roma, Deutsche Bank, Bank One, Commonwealth Bank Group, Abbey National and Korea First Bank.
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One of the world`s leading financial services companies, Bank of America is committed to making banking work for customers and clients like it never has before. Through innovative technologies and the ingenuity of its people, Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the US and around the world new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose through the nation`s largest financial services network, including approximately 4 400 domestic offices and 13 000 ATMs, as well as 30 international offices serving clients in more than 150 countries, and an Internet Web site that provides online banking access to 4 million active users, more than any other bank. Bank of America stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges. The company`s Web site is www.bankofamerica.com. News, speeches and other corporate information may be found at www.bankofamerica.com/newsroom.
EDS
EDS, the leading global services company, provides strategy, implementation, business transformation and operational solutions for clients managing the business and technology complexities of the digital economy. EDS brings together the world`s best technologies to address critical client business imperatives. It helps clients eliminate boundaries, collaborate in new ways, establish their customers` trust and continuously seek improvement. EDS, with its management consulting subsidiary, AT Kearney, serves the world`s leading companies and governments in 60 countries. EDS reported revenues of $21.5 billion in 2001. The company`s stock is traded on the New York Stock Exchange (NYSE: EDS) and the London Stock Exchange.
The statements in this news release that are not historical statements, including statements regarding the amount of new contract values, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond EDS and Bank of America`s control, which could cause actual results to differ materially from such statements. For information concerning these risks and uncertainties, see EDS` most recent Form 10-Q. For further information regarding Bank of America Corporation, please read the Bank of America reports filed with the SEC and available at www.sec.gov. EDS and Bank of America disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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