LogicaCMG has won a tender to supply and implement an interbank real time gross settlement (RTGS) platform for the Banco Central de la Republica Dominicana (BCRD).
In a project financed by the World Bank, the Dominican central bank will use LogicaCMG's Central Accounting System (CAS) to implement a high value clearing and settlement interbank system. This will form the backbone of BCRD's Sipard programme - a comprehensive reform of payment and settlement systems in the Dominican Republic.
LogicaCMG says the CAS technology will enable BCRD to operate a complete, modern, high value settlement system that can use Swift services and payment formats. The platform will also ensure compliance with the recommendations set in the BIS Core Principles, the Committee on Payment and Settlement Systems' (CPSS) and other initiatives including those established by the Central American Monetary Council.
Fabiola Herrera, BCRD's director of payment systems, says: "After an extensive international public bidding process, involving reputable and leading IT companies, we are satisfied that LogicaCMG is the best choice to implement the system."
The Dominican Republic is in the process of developing a modern banking infrastructure to become more competitive in the global market and to attract more international investments.
Fermin Fautsch, MD of LogicaCMG Latin America, says the BCRD deal will "enhance our presence in the region especially in the sector of financial services, which is of great strategic importance to us".