Logica, a leading business and technology services company, today announced that Banco Popular de Puerto Rico (BPPR), the largest financial institution in Puerto Rico, has selected the Logica All Payment Solution (LAPS) to deliver central payments processing for its US Federal Reserve and SWIFT-based payments, anti-money laundering detection and financial messaging.
LAPS' scalability enables compliance with new regulations and addresses the changing needs of customers. The payment services hub increases automation levels, enabling real-time and more streamlined payments processing to improve customer service level and drive down operational costs.
John Farrell, vice president, Logica, said: "Logica has worked with Banco Popular for over 20 years and we are pleased to continue to build on our long history. The combination of our deep payments expertise and expansive product capabilities gives us a strong understanding of Banco Popular's business challenges and payments ecosystem. The LAPS' product architecture and functionality will offer flexibility and customisation for Banco Popular's current and future payment needs to position it for long-term growth."
Jeremy Schutte, senior vice president, added: "With the evolving payments market, banks are seeking solutions that offer effective risk management while providing agility and ensuring that they remain competitive. We are delighted that a leading bank in the America's region has chosen our payment services hub and we look forward to working together on this project."
Logica will work with Banco Popular's local IT implementation partner, EVERTEC to provide solution deployment support. LAPS is expected to go live at EVERTEC's data centre in Cupey, Puerto Rico and in a disaster recovery site on the US mainland in November 2012.