Logica, a business and technology service company, announced that Standard Bank of South Africa (SBSA) has successfully implemented its Logica All Payments Solution (LAPS)1 to deliver a central payments processing and risk management system for its large value SWIFT-based payments. Deployed by Logicas professional services team, in collaboration with SBSA, the bank will benefit from a single point to manage its high value SWIFT-based payments.
After a competitive selection process, SBSA chose Logica as the sole solution provider and implementation partner. This was due to Logicas partnering approach, the strength of LAPS, and SBSAs previous implementation of Logicas Continuous Linked Settlement (CLS) Manager system. Now deployed at the banks headquarters in Johannesburg, LAPS has enabled the bank to start consolidating operations, reduce payments risk, and meet increased regulatory requirements.
LAPS, a multi-entity and multi-currency solution, allows SBSA to react swiftly to market conditions. It provides a central point for managing high value payments risk by monitoring compliance to SWIFT message formats, including ISO 20022. The LAPS Business Activity Monitor tool has streamlined processes into a single dashboard, while its central, intuitive workflow has enabled it to easily interface with other internal and external systems.
This has been a rewarding and insightful project, says Richard Davies, director of global payments at Logica. The close collaboration and commitment between both companies means weve learnt a great deal from each other. We look forward to continuing our work together and helping SBSA gain further competitive advantage from this centralised approach.
1 LAPS High Care incorporates some proprietary software belonging to Dovetail Systems.
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