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Standard Bank of South Africa Awards Contract to LogicaCMG

  • 26 February, 2008 20:55

<p>LogicaCMG, a major international force in IT and business services, has won a contract to implement its LogicaCMG All Payments Solution (LAPS) at the Corporate and Investment Banking (CIB) division of Standard Bank of South Africa. The bank intends to replace its legacy payments systems globally with a new consolidated system based on LAPS that will provide centralised Risk and Payment Management processing flexibility at a reduced cost. This will be the first global implementation of LogicaCMG's LAPS High Care, a component based payments system specifically designed to be highly-configurable and rules-driven.</p>
<p>A spokesperson for the CIB division of the bank said: "We have a reputation for deploying innovative technologies that help to achieve competitive advantage on the global stage. One of the reasons for choosing LogicaCMG was because of the excellent relationship developed over a number of years and the performance of their Continuous Linked Settlement (CLS) system. LAPS High Care's multi-entity capabilities will support a gradual migration of our existing legacy systems, adapting to each local business environment, whilst providing the ability to deliver high quality processes and consistent standards across the group. We believe that LAPS High Care is a leading solution in today's modern component based solutions market."</p>
<p>Sarah Loveday, Director Global Products at LogicaCMG, said: "We are delighted to extend our relationship with the Standard Bank of South Africa through this contract for LAPS High Care. The bank is well-known in the industry for its innovative approach towards technology and this system will provide improved business agility and interoperability with the bank's other corporate systems."</p>
<p>LAPS High Care provides a highly-configurable, workflow-based solution centered on a dedicated process manager. It is aimed at payments with a risk profile such as high value, wholesale payments which demand a high level of flexibility. Increasingly, there is a need for extending these facilities to other categories of payments such as timed payments. The business functionality provided by LAPS High Care includes payment enrichment and repair for enhanced STP, risk checking, pricing and liquidity controls.</p>
<p>LAPS High Care offers a range of standard interfaces allowing banks to choose the mix of components to support their specific needs (both now and in the future). This enables banks to mitigate the risks associated with challenging migration projects such as that being undertaken by the Standard Bank of South Africa.</p>
<p>Standard Bank is a South African-based financial services company with a global presence. It operates from 18 countries in Africa and 20 on other continents, including the key financial centres of Europe, the Americas and Asia.</p>
<p>NOTES TO EDITORS</p>
<p>About LogicaCMG
LogicaCMG is a major international force in IT and business services. It employs around 39,000 people across 41 countries. LogicaCMG's focus is on enabling its customers to build and maintain leadership positions using LogicaCMG's deep industry knowledge and its track record for successful delivery. The company provides business consulting, systems integration and IT and business process outsourcing across diverse markets including telecoms and media, financial services, energy and utilities, industry, distribution and transport and the public sector. Headquartered in Europe, LogicaCMG is listed on both the London Stock Exchange and Euronext (Amsterdam) (LSE:LOG; Euronext:LOG) and traded on the Xternal List of the Nordic Exchange in Stockholm. More information is available at www.Logicacmg.com</p>

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