LogicaCMG Launches Euro Banking Association Connection

Wednesday 13 October 2004 15:46 CET | News

LogicaCMGs has launched Euro Banking Association Connection product (LEC)--designed to help European financial institutions meet the challenges of cross-border payments.

LEC, part of LogicaCMGs connectivity suite, is an end-to-end solution for Euro payments that can be used as a direct connector to the STEP2 automated clearing house or delivered as a bureau service, which financial institutions can use to collate payments for their customers. LEC gives the opportunity to deliver significant cost savings as new regulations on cross-border payments threatens traditional sources of revenue. STEP2 gives banks the opportunity to send bulked Euro payments to a central infrastructure resulting in reduced transaction costs. In Slovenia, LogicaCMG is working with its long established partner Halcom Informatika who have built the bureau version of the solution using its Hal E-Clearing/GC product and its own and LogicaCMGs payments expertise. LEC is already delivering benefits to the Bank of Slovenia who is now able to make available to its commercial banks local access to EBA STEP 2. LECs sophisticated integration facilities, provided by Halcom and LogicaCMG, means that it can integrate seamlessly with the Bank of Slovenias existing payments systems, reducing the resources needed and ensuring business continuity during implementation.

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Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce