12 October 2004
Flagship customer deal with the Bank of Slovenia
Sibos 2004 will see the launch of LogicaCMG’s Euro Banking Association Connection product (LEC) –designed to help European financial institutions meet the challenges of cross-border payments.
LEC, part of LogicaCMG’s connectivity suite, is an end-to-end solution for Euro payments that can be used as a direct connector to the STEP2 automated clearing house or delivered as a bureau service, which financial institutions can use to collate payments for their customers. LEC gives the opportunity to deliver significant cost savings as new regulations on cross-border payments threatens traditional sources of revenue. STEP2 gives banks the opportunity to send bulked Euro payments to a central infrastructure resulting in reduced transaction costs.
In Slovenia, LogicaCMG is working with its long established partner Halcom Informatika who have built the bureau version of the solution using its Hal E-Clearing/GC product and its own and LogicaCMG’s payments expertise. LEC is already delivering benefits to the Bank of Slovenia who is now able to make available to its commercial banks local access to EBA STEP 2.
LEC’s sophisticated integration facilities, provided by Halcom and LogicaCMG, means that it can integrate seamlessly with the Bank of Slovenia’s existing payments systems, reducing the resources needed and ensuring business continuity during implementation.
Matjaz Cadez, MD of Halcom Informatika said: “The Bank of Slovenia now has a leading edge solution that will not only manage increasing transaction volumes but can deliver other financial message types. This, combined with an ability to feed exceptions and confirmations back to payments systems as easily as it sends bulked payments, helps the Bank to reduce per-transaction costs and comply with regulatory demands".
Jerry Norton, director, strategy, global financial services, LogicaCMG commented: "The successful implementation at the Bank of Slovenia has demonstrated that LEC provides a comprehensive and reliable solution for European payments. LogicaCMG has extensive expertise in the financial services sector, and continues to demonstrate its commitment to this market with the development and launch of LEC."