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Logica to power Central Bank of Sri Lanka
By siliconindia
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Tuesday, 03 December 2002, 20:30 IST
BANGALORE: Logica has signed a deal worth $9 million to implement the real-time gross settlement system (RGSS) and the script-less securities settlement (SSS) system for the Central Bank of Sri Lanka (CBSL).
The system will enable banks and financial institutions to make secure high-value, inter-bank payments virtually instantaneously across the country, and also to deal in real-time trading and settlement of government securities.
Funded by World Bank, the CBSL will reduce risks and increase efficiency within the national payments system. Ultimately, this will enable it to become more competitive in the global market, improve financial services and attract more international investments.
Louwke van der Steen, Logicas country manager for India and SAARC, said, "Logica is delighted that it was selected by the CBSL for this prestigious national initiative, which is of strategic importance to us in the Sri Lanka financial services market. This initiative will provide significant benefits to individuals and businesses throughout Sri Lanka by allowing the transfer of funds from one customer to another at a different bank virtually immediately."
The CBSL will use Logicas Central Accounting System (CAS) to settle interbank high-value payments ensuring irrevocability and finality. Logicas Central Securities System (CSS) would enable recording of government securities transfers among primary dealers and secondary market investors. Both the RTGS and the SSS systems will use the Society for Worldwide Interbank Financial Telecommunications (SWIFT) message formats and will be connected through a Delivery vs. Payment (DvP) link. Logica will also provide full disaster recovery capabilities.
Logica is working with its local business partners, IBM Sri Lanka, and Just In Time Holdings, Colombo, an established player in the Sri Lankan IT industry. The Sri Lanka RTGS is Logicas third major RTGS initiative in Asia, in addition to India and the Philippines. Logicas CAS, the worlds most popular RTGS system, has already been successfully installed in 11 countries to support central banking financial infrastructures.