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Northern Rock inks mortgage processing software deal

Unisys system will be used to manage existing accounts of government-owned lender

Northern Rock Asset Management has signed a deal to manage 400,000 mortgage accounts on a platform from supplier Unisys.

The deal was signed by UK Asset Resolution, a government holding company that manages the closed mortgage books of Northern Rock (under the Northern Rock Asset Management banner) and Bradford & Bingley.

The deal already covers B&B, which has used the Unisys Financial Services system for around 300,000 accounts since 2004. It does not cover mortgages agreed by Northern Rock in the future.

The contract was signed in the third quarter of last year, and has a four-year term. It also includes consultancy services, software licences and data migration support to deploy UFSS on a Microsoft platform, with the project due to go live during the fourth quarter of 2011.

In total, a quarter of UK mortgages are being processed on the system, including those of other UK banks that are Unisys customers.

UFSS is aimed at helping banks and building societies streamline the information they have on customers, manage accounts, ensure regulatory compliance with risk and lending policies, rapidly create new mortgage products and provide strong privacy and security. The system is used by banks to address some of the heightened risk issues around mortgages that became clear ahead of the economic crash.

Richard Banks, chief executive at UK Asset Resolution, said the UFSS system "will provide a flexible, robust and efficient foundation" for the company.

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