LogicaCMG to deploy payments and AML system at Bank of Baroda

LogicaCMG to deploy payments and AML system at Bank of Baroda

LogicaCMG has won a deal to supply a payments messaging system and an anti-money laundering (AML) application to India's Bank of Baroda.

HP, which manages the bank's IT infrastructure, has contracted with LogicaCMG for the implementation of the technology.

LogicaCMG says its payments technology will enable the bank to perform straight-through processing of payments messages from its core systems through international payment networks like Swift or other country-specific networks.

The vendor will also supply and implement NetEconomy's Erase Compliance Manager anti-money laundering software. The application will monitor suspicious financial transactions and scan blacklisted messages through advanced statistical analysis and transaction monitoring.

Both systems will be installed at the bank's Mumbai headquarters and will provide connectivity to 16 overseas branches.

Kannan Ramaswamy, MD, LogicaCMG in South Asia, comments: "This contract reinforces our position as a leading provider of integrated risk and compliance solutions worldwide. It is also one of the largest AML and payments contracts for a single bank in India to be implemented across 17 countries."

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