Released by Logica on 25th February 2008:
Standard Bank of South Africa awards contract for new consolidated payments system to Logica
Logica, a major international force in IT and business services, has won a contract to implement its Logica All Payments Solution (LAPS) at the Corporate and Investment Banking (CIB) division of Standard Bank of South Africa. The bank intends to replace its legacy payments systems globally with a new consolidated system based on LAPS that will provide centralised Risk and Payment Management processing flexibility at a reduced cost. This will be the first global implementation of Logica's LAPS High Care, a component based payments system specifically designed to be highly-configurable and rules-driven. [1]
A spokesperson for the CIB division of the bank said: "We have a reputation for deploying innovative technologies that help to achieve competitive advantage on the global stage. One of the reasons for choosing Logica was because of the excellent relationship developed over a number of years and the performance of their Continuous Linked Settlement (CLS) system. LAPS High Care's multi-entity capabilities will support a gradual migration of our existing legacy systems, adapting to each local business environment, whilst providing the ability to deliver high quality processes and consistent standards across the group. We believe that LAPS High Care is a leading solution in today's modern component based solutions market."
Sarah Loveday, Director Global Products at Logica, said: "We are delighted to extend our relationship with the Standard Bank of South Africa through this contract for LAPS High Care. The bank is well-known in the industry for its innovative approach towards technology and this system will provide improved business agility and interoperability with the bank's other corporate systems."
LAPS High Care provides a highly-configurable, workflow-based solution centered on a dedicated process manager. It is aimed at payments with a risk profile such as high value, wholesale payments which demand a high level of flexibility. Increasingly, there is a need for extending these facilities to other categories of payments such as timed payments. The business functionality provided by LAPS High Care includes payment enrichment and repair for enhanced STP, risk checking, pricing and liquidity controls.
LAPS High Care offers a range of standard interfaces allowing banks to choose the mix of components to support their specific needs (both now and in the future). This enables banks to mitigate the risks associated with challenging migration projects such as that being undertaken by the Standard Bank of South Africa.
Standard Bank is a South African-based financial services company with a global presence. It operates from 18 countries in Africa and 20 on other continents, including the key financial centres of Europe, the Americas and Asia.
[1] LAPS High Care is built on the Dovetail Payments System and extended with Logica components.
 Back Top
|