LogicaCMG today announced a contract to implement and support a secure, high value payments and compliance solution for First Tennessee, a national financial services company. This business-critical solution will form the backbone of First Tennesseeâs wire transfer business, as well as play an important role in compliance with U.S. Treasury Office of Foreign Asset Control (OFAC) regulations and the USA Patriot Act.
First Tennessee selected LogicaCMG to implement and support the Bank Electronic Support Systemâ¢ (BESS) high-value payments processing solution and replace its current payments and wireless system. The agreement includes LogicaCMGâs Web BESS front-end, CBESS that provides First Tennesseeâs corporate customers with the ability to enter payments via Internet access, HotScan OFAC scanning and DataServer reporting tools. The project will be completed by January 2004.
"We are confident that LogicaCMGâs strong financial position, depth of business and technical knowledge, proven product reliability, and robust solutions will address our requirements today and well into the future," said Robert King, First Tennesseeâs senior vice president of information systems The combination of BESS and HotScan provide scalable, compliant and secure Non-Stop performance with managed access for customers and branches. "We were highly impressed with the professional staff at LogicaCMG; their track record speaks for itself," said King.
LogicaCMGâs BESS software will provide First Tennessee with mission-critical payments processing capabilities that combine proven payments functionality and reliability with scalability to help the bank optimize its current payments processing environments and help support future wire transfer and payments processing requirements. BESS will be integrated with several First Tennessee systems to deliver a high rate of Straight through processing (STP). The BESS solution will enable First Tennessee to extend the solution to its branch network and customer locations. The system will allow the company to reduce costs by eliminating some manual processing and to improve service with increased STP rates.
Michael Hawkins, executive vice president of financial services at LogicaCMG, states, "We are uniquely positioned in the industry to provide an integrated solution to First Tennessee for payments processing, and our expertise in risk and regulatory reporting will help First Tennessee cope with the increasing burden of regulatory compliance. The combination of our BESS payments and HotScan compliance solutions are key to meeting First Tennesseeâs USA Patriot Act compliance requirements and building a high-value payments solution."
Tommy Adams, senior vice president of funds management at First Tennessee, said, "Our strategic investment in LogicaCMGâs corporate Web BESS gives us a single, unified payments processing solution that will allow for expansion of traditional wire room functionality to our corporate customers. Our customers performing international transactions in foreign currency will have the ability to view real-time currency rates. This was a priority for us, one that LogicaCMG offers as a standard feature. We are especially pleased that BESS operates on Hewlett-Packardâs Non-Stop platform, delivering an exceptional level of reliability. All in all, a win, win situation for the bank."