LogicaCMG has signed a $1.5 million contract with First Tennessee bank for the supply and implementation of its payments product, Bank Electronic Support System (Bess), and anti-money laundering tools HotScan OFAC and DataServer.
The high-value payments processing and compliance solution will replace First Tennessee's existing payments and wireless system. The agreement includes the Web Bess front-end CBess, which allows corporate customers to enter payments via the Internet.
Bess will be integrated with several of First Tennessee systems to deliver straight-through processing (STP) and the bank will be able to extend the implementation to its branch network and customer locations.
Tommy Adams, senior vice president of funds management at First Tennessee, says Bess provides a single, unified payments processing solution that will allow for expansion of traditional wire room functionality to corporate customers.
He adds that the ability to view real-time foreign currency rates was a priority for the bank when choosing the new system. "We are especially pleased that Bess operates on Hewlett-Packard's Non-Stop platform," he says.
Logica says the combination of the Bess payments systems and the compliance solutions will help the bank meet the USA Patriot Act requirements.
The project is expected to be completed by January 2004.