The infrastructure comprises a Real-Time Gross Settlement (RTGS) system, Scripless Securities Settlement system and a Central Depository system, and was completed in February 2004. This enables CBSL to pursue its goals of creating an efficient domestic financial services industry, a regional financial hub and attracting an increased level of international investment. It also eliminates risk from the payments process and settlement of securities, and enables local Sri Lankan banks to offer a wider range of banking services to their customers. LogicaCMG provided the system through close collaboration with its local implementation and support partner, Just In Time Holdings.
LogicaCMGâs RTGS systems settle high value payments worth over $20 trillion annually at central banks. This includes those in Chile, India, Sri Lanka as well as the European Central Bank. This is just one element of the LogicaCMG Payments Architecture which addresses the payments challenges at central and commercial banks by providing systems which can keep pace with changing business needs.
Nick Caplan, managing director, global financial services, LogicaCMG said: "The Banker Technology Award is one of the most prestigious accolades a company in the financial services industry can win. The LogicaCMG Payments Architecture brings together 30 years of experience and understanding of national and commercial payments. It provides a flexible component based architecture which is immediately ready for use on implementation, enabling banks to introduce new services and adapt more quickly to the changing demands of customers and regulators."
Chris Skinner, Research Director of information portal, Shaping Tomorrow and one of the awards judges said: "The decision to give LogicaCMG this award reflects how impressed we were with this highly innovative system. LogicaCMG's understanding and expertise of the payments business has provided the Central Bank of Sri Lanka with a modern payments system that conforms to the Core Principles as recommended by the Bank for International Settlements and delivers real benefits to the local economy."