LONDON, June 22 /PRNewswire/ -- Logica, a leading IT and business services company, today announced that 48 banks represented by The Banks' Association of Turkey (TBB) have upgraded their financial messaging infrastructure using Logica's high-end messaging system. The Logica platform has been successfully rolled out across 10 international and 38 Turkish banks in the record time of just two months.
Sarah Loveday, managing director, global financial products at Logica, comments: We are honoured that 48 banks have decided to extend their partnership with us and that the entire high-value payments environment for Turkey runs on Logica infrastructure. Our high-end messaging systems offer flexibility and automation the banks require to substantially reduce manual interventions and costs, ultimately improving customer service.
The migration to the new Logica financial messaging platform enables the banks to increase Straight Through Processing (STP) rates by automating validation and allowing them to develop their own message validation rules. This increases the reliability of the network, as fewer messages are rejected while optimised testing improves the quality and time to market of new financial instruments. The need for manual intervention is also reduced resulting in lower costs for the banks. By improving the efficiency, reliability and cost-effectiveness of their financial messaging, the banks can deliver a better customer service. Logica's high-performance, scalable payments system can handle approximately 5 million messages a day.
The Turkish banks have been Logica clients since 1992 and decided to modernise their messaging infrastructure as part of a broader project to upgrade their hardware platform. After a rigorous evaluation process Logica emerged as the supplier of choice. Logica's close partnership with Turkey's banking community ensured a rapid and smooth migration. With project teams working along side each other this was a high quality development and system rollout to all the banks coordinated by the TBB.
Notes to Editors
About Logica's Payments Expertise
Logica has more than 30 years of experience in delivering payments products to the largest financial institutions and central banks. Logica is the only company to provide an end-to-end payments hub enabling banks to move from duplicated, siloed payments systems to a modern hub environment. Logica's All Payments Solution (LAPS) can process the full range of payment types (retail, domestic, international, urgent/timed, single and mass payments) within a single deployment. It is fully SEPA compliant and live, supporting SEPA in over 10 countries. Furthermore, this massively scalable and high performing solution enables banks to optimise hardware utilisation and reduce infrastructure costs. For further information, visit http://www.logica.com/payments/400012772
Logica is a leading IT and business services company, employing 40,000 people. It provides business consulting, systems integration, and IT and business process outsourcing services. Logica works closely with its customers to release their potential - enabling change that increases their efficiency, accelerates growth and manages risk. It applies its deep industry knowledge, technical excellence and global delivery expertise to help its customers build leadership positions in their markets. Logica is listed on both the London Stock Exchange and Euronext (Amsterdam) (LSE: LOG; Euronext: LOG). More information is available at http://www.logica.com.
Evelina Amanatidou Metia for Logica global financial products division, Tel: +44(0)203-1003592, Email: Evelina@metia.com; Nick Bird, Metia for Logica global financial products division, Tel: +44(0)203-1003738, Email: email@example.com