Logica has signed a US$9 million deal to supply a national interbank settlement system to the Central Bank of Sri Lanka (CBSL).
Logica says it will work with local IT firm Just In Time Holdings and business partners IBM Sri Lanka to implement Cas, its real time gross settlement (RTGS) product.
Cas (central accounting system) will enable banks and financial institutions to make secure inter-bank payments across the country. The firm is also providing the bank with its CSS software (central securities system) for real-time trading and settlement of government securities. Both systems will be connected to the Swift network.
Louwke van der Steen, Logica's country manager of SAARC, says: "By ensuring finality of all payments, the RTGS system will reduce 'systemic risk' in the banking system, thereby providing increased integrity and security for all inter-bank transactions."
The CBSL contract is Logica's third in Asia, in addition to India and the Philippines.
Logica adds that its Cas system has been installed in 11 countries to support central banking financial infrastructures.