Standard Bank of South Africa (SBSA) has deployed Logica All Payments Solution (LAPS) from Logica, a business and technology services firm, to manage its central payments processing and risk management system for large value SWIFT-based payments.
Standard Bank of South Africa will benefit from a single point to manage its high value SWIFT-based payments. The LAPS has been deployed at the bank’s headquarters in Johannesburg, and it 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.
Richard Davies, director of global payments at Logica, said: “We look forward to continuing our work together and helping SBSA gain further competitive advantage from this centralised approach.”
Martin Lima, who project managed the LAPS implementation, said: “SBSA and Logica worked together as one joined-up team to deploy LAPS and, as a result, the project was delivered on time and on budget. We’re pleased that SBSA is already realising the benefits of our flexible payments services hub, with more expected to come to fruition over the coming months and years.”