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Finastra selected by LGT to implement instant payment services

Thursday 23 May 2024 13:23 CET | News

Finastra, a provider of financial software applications and marketplaces, announced its selection by LGT to implement instant payment services in Austria and Liechtenstein.

 

With plans for other markets, LGT will utilize Finastra’s payment hub through a model bank implementation to expedite compliance with the EU instant payments regulatory timeline. By separating payment processing from its core banking system and adopting Finastra’s solution, LGT aims to handle expected growth in instant payment volumes and ensure 24/7 service availability.

LGT's selection of Finastra’s payment hub is driven by its capability to support various payment types within a standalone system and facilitate the integration of new services. The implementation will help LGT meet regulatory and industry demands while maintaining agility. Finastra's payment hub offers a scalable and resilient payment processing system, designed to meet regulatory requirements and adapt to future changes.

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The model bank implementation will help LGT comply with the EU regulatory deadline for instant payments and adopt other payment schemes like SIC5 IP in Switzerland. LGT also employs Finastra's Kondor, a treasury management system, and Total Messaging platform.

The need for advanced 24/7 payment hubs

Representatives of Finastra highlighted the importance for financial institutions to evaluate their payment processing capabilities to support increased volumes and 24/7 operations. They emphasized Finastra's focus on providing sophisticated payment hubs with flexible growth options, underpinned by open architecture and APIs. This enables banks to innovate quickly, enhance risk management, and improve services. Finastra's solutions also facilitate the implementation of functionalities such as Verification of Payee and real-time sanctions screening.

Finastra offers financial software applications and marketplaces, with its open platform for innovation, FusionFabric.cloud, launched in 2017. It provides software solutions across Lending, Payments, Treasury & Capital Markets, and Universal Banking. Trusted by over 8,000 institutions, including 45 of the world’s top 50 banks, Finastra supports both direct banking relationships and indirect channels like embedded finance and Banking as a Service. For more information, visit finastra.com.


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Keywords: partnership, compliance, API, risk management
Categories: Fraud & Financial Crime
Companies: Finastra
Countries: Europe
This article is part of category

Fraud & Financial Crime

Finastra

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