Site closure plans for cheque clearing firm put jobs on the line

CHEQUE clearing firm Intelligent Processing Solutions (iPSL) is likely to shut seven of its nine sites across the UK, including one in Bradford, which could lead to 600 jobs losses.

iPSL, headquartered in Northampton, said the plan was part of a programme to introduce an image clearing system for cheques in October 2017, which would enable digital pictures of cheques to be exchanged between banks instead of physical paper.

The board of iPSL is yet to sign off on the plan but trade union Unite said sites at Bradford, Bootle, Camberley, Chelmsford, Clydebank, Copley, and Tweed House were likely to be shut.

The company would continue to maintain sites at Northampton and Milton Keynes.

Unite described the closures as “tragic”.

Dominic Hook, Unite national officer, said: “The announcement of seven site closures and significant job losses at iPSL is tragic news for the workforce. This consolidation strategy is deeply disappointing and the impact will be felt widely.
“This proposal will leave a workforce of just over 700 at iPSL which handles around 80% of cheques issued in the UK each year.  

“The tide of digitisation across financial services brings with it huge challenges as organisations have to adapt the way they work. The changing face of cheque processing, with new digital imaging, has brought considerable difficulties for this industry. Unite wants to now see iPSL make the necessary investment through new technology to secure as many jobs as is possible.

“This news will be a bitter blow for iPSL colleagues and Unite has pressed the company to provide the workforce with support and guidance with two training programmes and outplacement support to be offered to staff.”

 A spokesperson for iPSL said: “This week we shared with our employees planning assumptions regarding our future site strategy and the potential consolidation of our nine existing operational sites to two during 2018.

“These plans are subject to change and are still to be agreed by iPSL clients and Board. iPSL remains committed to keeping our employees informed and in the interest of being open, honest and transparent, we have provided this further update at this early stage to give them as much time as possible to prepare for any proposed changes to our ways of working.”