HP and CMA Small Systems AB announced today that they will provide the Central Bank of Montenegro with a new automated inter-banking payment system, supporting Montenegro's economic momentum-building efforts.
The HP and CMA solution enables the bank to process Real Time Gross Settlements (RTGS) for high value payments, as well as bulk payment settlements that are processed under a separate Automated Clearing House (ACH) system.
HP and CMA wins over the past three years include central banks in Serbia, Macedonia, Azerbaijan, BCEAO which is the currency union of eight countries in Western Africa, and BEAC which is the currency union of an additional six countries in Central Africa. HP and CMA estimate that the partnership has won more than 50% of all listed tender offers for these solutions within Europe, Middle East and Africa (EMEA), making HP and CMA the supplier of choice in inter-banking payment systems to central banks across the region.
Reduced risk, lower costs and greater efficiencies for Montenegro
Under the agreement, HP will develop the Central Bank of Montenegro's IT infrastructure for the new solution and oversee the management of the project. CMA will implement, customize and integrate the central payments software. CMA will also train the bank's staff on the new system.
"Montenegro's step toward a modern economy begins with the fundamentals: a central bank's ability to track and process settlements efficiently with a minimum risk, said Goran Bakiæ, Director of the Department for Payment System Operations of the Central bank of Montenegro. "The combination of expertise from HP and CMA, as well as their technology and track record with other central banks, have made them the best choice to enable a modernized payment system for our bank, enabling better decision support, greater stability and a lower cost of money."
"For CMA, we have a proven track record in designing and implementing state-of-the-art solutions for RTGS and ACH purposes, as well as rapid system integration," said Michel Massain, managing director, CMA Small Systems AB. "Our technology and skills are a winning complement to HP's leading technology, industry expertise and services capabilities. Central banks – and emerging economies – win as a result."