The Post Office has announced a deal totalling £50 million with IBM, ICL and the Escher Group.
The deal provides state-of-the-art technology which will enable the Post Office to offer a wide range of real-time banking transactions through its network of 18,000 branches.
The managing director for network banking at the Post Office, Basil Larkins, said: "This technology represents a major step towards offering a full range of banking services through Post Office branches.
"Together with other partners it will give the Post Office online access to the back office of banks, providing a physical network for internet banks and those from overseas as well as a wider network of local branches for the High Street banks."
From autumn 2002, the Post Office will offer basic banking transactions through its branch network, including cash withdrawals and balance inquiries. Full banking services will be available from early 2003.
Mr Larkins added: "This will benefit customers by giving them a greater choice of where they do their banking. Post Office branches will also be able to provide banking services in local communities on behalf of the banks as they redefine their own branch networks."
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