Payments outfit eFunds has won a multi-million dollar subcontract to assist Logica with the implementation of a Real Time Gross Settlement (RTGS) project at the Reserve Bank of India (RBI).
The new national RTGS system will allow banks in India to make secure inter-bank payments throughout the country. In addition, a new core banking system will cover all the general transactions and central accounting of the RBI, including the bank's general ledger.
Under the agreement, eFunds will provide technical expertise and functional support to Logica in the implementation of the RTGS project. This includes the porting of Logica's RTGS software onto a mainframe platform and developing a real-time accounting and settlement system for RBI.
Logica's Quaestor product suite will be supplied to 205 Indian financial institutions to enable their direct participation in the RTGS system.
Hamish Harding, managing director of Logica India, comments: "eFunds India has built a world-class software development centre in Chennai where Logica's mainframe development work will be carried out for the RTGS project."