Following its decision to put its automatic teller machine business into a joint venture with Diebold Inc, IBM is stepping back its commitment to another secondary activity in the banking market, and has to put its cheque processing systems business into a joint venture with the Check Consultants Inc subsidiary of First Tennessee National Corp, pending bank regulatory approval. The two will form a general partnership to provide integrated cheque processing systems under the name Check Solutions Co, based in Memphis, Tennessee. The partnership will develop new and enhance existing, cheque and cheque imaging software based on IBM’s Check Processing Control System for the IBM389X/XP family of reader sorters; offer systems implementation services; maintain software, and offer training. Check Solutions will be jointly owned by IBM and First Tennessee; no other details revealed.
