Tesco to hit the high street with financial IT provider

We could soon be walking past Tesco banks on the high street as the firm strikes a new deal with a financial provider.

The supermarket giant is looking to a new banking IT platform in line with plans to offer current accounts by 2011. This would mean more competition for the likes of Barclays and HSBC.

Tesco has chosen IT service provider for the financial industry, Fiserv, to develop its banking platform.

The new partnership aims to see Tesco with a core=processing platform with a capability to support growing business.

A Tesco Bank spokesperson says it's still too early to tell what form the banks will take, but they have already received positive feedback in their trials of six branches in the UK.

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