ANZ picks up $40m Telecom account

Telecom and ANZ Banking Group said today they signed a $40 million, four-year contract last month for the bank to handle all Telecom's payment collection and processing activities.

Telecom chief operating officer Simon Moutter said the contract reflected Telecom's desire to establish a vendor relationship with a single supplier able to manage all payment collections and processing.

ANZ beat off submissions from the four other major trading banks to win the account.

Telecom becomes ANZ's biggest customer in New Zealand.

As sole supplier, ANZ has sub-contracted over-the-counter payment services to New Zealand Post and remittance processing to EDS.

The transition of payment and processing activities to the ANZ has already begun.

Telecom shares were up 11 cents to $5.15 in a line with a strong sharemarket today.

- NZPA