Logica has won a contract with the Philippines Central Bank (BSP) to implement a new interbank settlement system for high value payments. Financial terms of the deal were not disclosed.
Under the agreement, Logica will implement a national Real Time Gross Settlement (RTGS) system which is compatible with Swift's (Society for Worldwide Interbank Financial Telecommunications) payment formats by December this year.
The RTGS solution will allow all the banks in the Philippines to make secure high-value inter-bank payments across the country.
Armando Suratos, BSP deputy governor and chairman of the BSP Computerisation Steering Committee says Logica was chosen after an extensive international public bidding process, involving reputable and leading IT companies.