LAPS already meets G3 immediate payments requirements
Logica, a leading business consulting and technology services company, is client-ready for the Singapore financial industry to meet the upcoming G3 immediate payments initiative. Logica’s All Payments Solution (LAPS) already has a proven track record to process high volume, low-value payments in real-time – set to be a key pre-requisite for immediate payments. While much is still to be determined on the G3 initiative, it is clear banks will need to invest in product development and LAPS is well positioned to enable banks to maximise their ability to launch new products and services while minimising settlement risk.
“We have a strong track record for delivering on the various payments initiatives around the globe,” said Richard Davies, director of Asia-Pacific, Logica. “Our LAPS low value payments solution is the unrivalled market leader and has been designed to support the demands of immediate payments such as the G3 initiative in Singapore which requires the capability to process real time low value payments as well as bulk file processing. We’ve been providing clients with the tools they need to cope with the ever-changing payments landscape for over four decades. As Singapore embarks on the G3 initiative, financial institutions can rest assured that LAPS is a trusted solution to meet their new and existing business requirements.”
Rising payments volumes is a pressure for financial institutions around the globe. Although the G3 rollout is still it its infancy, Singapore has seen rapid growth and financial institutions need to be prepared for the increase in low value volumes. By looking beyond the timelines, organisations that implement a strategy soon can capitalise on a first mover advantage and gain customer wallet share.
Logica currently works with over 70% of the world’s top financial institutions. Existing LAPS customers include Westpac, ANZ, Deutsche Bank, Crédit Foncier, Banco Popular, Standard Bank of South Africa.