ANZ chooses Logica for low value payments hub
25 October 2010 | 3303 views | 0
Logica today announced that Australia and New Zealand Banking Group Ltd. (ANZ) has selected its Logica All Payments Solution (LAPS) to deliver a centralised hub for its low value payments.
By increasing automation levels, enabling real-time and more streamlined payments processing, LAPS will help the bank to improve customer service levels. Further benefits will drive down operational costs and allow ANZ to quickly bring new products and services to market. This implementation will also enable ANZ to meet the new industry initiative in New Zealand to reduce settlement risk.
The impending industry mandated initiative in New Zealand, which is designed to mitigate settlement risk, is due to come into effect next year. As a result of this, ANZ chose to completely modernise its payments operations and replace its existing legacy system, which did not provide the necessary flexibility needed to meet its evolving requirements. LAPS will enable ANZ to take advantage of the new SWIFT-based low value settlement infrastructure that will support the industry initiative. It will initially be deployed in New Zealand next year, and will later be rolled out to Australia and South East Asia.
Graeme Hosking, general manager of operations, institutional division, ANZ, said: "We needed a high volume payments services hub that would not only comply with the industry changes, but also lay the groundwork for future growth and development. Logica's in-depth understanding of the payments market in this region and the scalability of LAPS meant this was the best solution to help us meet our long-term plans and better support our customers."
Richard Davies, director of APAC for Logica's Global financial Products Business, said: "We are committed to the payments industry throughout Asia and the Pacific, and working with one of the region's largest banks is testament to the breadth and flexibility of our solution. We look forward to working with ANZ and helping develop its payments services for the future."
LAPS' transaction database will give ANZ a single view of all low value transactions, including status and processing details. The solution will also provide monitoring and alerting capabilities, which will allow ANZ to quickly respond to unexpected circumstances or changes in market conditions.