LogicaCMG announced that it has successfully implemented the Real Time Gross Settlement (RTGS) System and the Scripless Securities Settlement (SSS) System for the Central Bank of Sri Lanka (CBSL). The overall system will enable banks and financial institutions to make secure, high-value, inter-bank payments virtually instantaneously across the country, and also to settle government securities in real-time.
The inauguration of the system by CBSL on the 13th February 2004 highlights the company’s commitment and dedication to delivering excellence for clients.
CBSL is now in a position to be competitive in the global market and attract more international investments. All commercial banks in Sri Lanka are direct participants in the LogicaCMG developed systems, thereby bringing immense benefits to customers and primary dealers.
The CBSL embarked on this ambitious modernization program in December 2002, funded through a World Bank loan, to reduce risks and increase efficiency within the national payments system.
After an extensive international selection process, as per the guidelines prescribed through the government of Sri Lanka and the World Bank, the project was awarded to LogicaCMG owing to its wide-ranging experience in implementing national payments infrastructures, including many RTGS systems globally. LogicaCMG successfully worked in Sri Lanka with its local partner Just in Time Holdings.
Having signed a seven year maintenance agreement with CBSL, LogicaCMG is committed to developing its activities in Sri Lanka, together with its local partner, Just in Time Holdings, an established player in the Sri Lankan IT industry.