Bank Of America Chooses EDS To Integrate FleetBoston's Networks
Under terms of a 10-year, $1.1 billion deal, EDS will help to integrate and manage the networks of FleetBoston, which Bank of America acquired in April.
Bank of America Corp. on Monday chose EDS to help it integrate and manage the voice and data networks of FleetBoston Financial Corp. Bank of America acquired FleetBoston in April for $47 billion.
Under terms of an eight-year, $1.1 billion deal, EDS will work to create a unified voice and data network for the combined operations of Bank of America and FleetBoston that will support Internet banking, ATM transactions, and retail services across the United States. Including FleetBoston's facilities, Bank of America now operates about 5,700 retail banking centers in 29 states and the District of Columbia.
Dan Allison, a global sales VP at EDS, says the banks' networks are "not too dissimilar" and expects most of the integration work will be completed in 18 to 24 months. "After that, we'll be managing the network and introducing new technology as it becomes available," Allison said.
As part of the deal, about 150 FleetBoston IT workers will transfer to EDS. The integration deal is in addition to EDS's existing 10-year, $4.5 billion contract to manage Bank of America's voice and data networks. That deal was signed early last year.
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