With Finastra's payment hub, LGT will implement instant payment
services
LONDON, May 23, 2024
/PRNewswire/ -- Finastra, a global provider of financial
software applications and marketplaces, today announced it has been
selected by LGT to roll out instant payment services in
Austria and Liechtenstein, with other markets to follow.
LGT will implement Finastra's payment hub using a model bank
implementation approach, to accelerate its readiness to meet the EU
instant payments regulatory timeline. By uncoupling payment
processing from its core banking platform and implementing
Finastra's future-proof solution, the bank will also now be able to
meet the anticipated growth in instant payment volumes while
providing the required 24/7 service availability.
"Payments are becoming increasingly sophisticated, and it is
crucial that we continue to evolve to meet our customers' business
needs and regulatory requirements," said Bernhard Strauch, Head Securities & Payments
Services at LGT Financial Services Ltd. "We selected Finastra's
payment hub as it supports multiple payment types within one
standalone system, while enabling seamless integrations of new
services as and when we need them. With Finastra's solution and
industry expertise, we will gain the necessary agility required to
keep pace with regulatory and industry demands."
Finastra's payment hub provides banks with a future-proof,
scalable and resilient payment processing system. Financial
institutions can meet current regulatory requirements, respond
faster to future changes and deliver personalized services to their
customers. Combined with a model bank, best practice
implementation, the solution will enable LGT to quickly meet the
fast-approaching EU regulatory deadline for instant payments. Once
implemented, the bank can easily adopt other schemes, such as SIC5
IP in Switzerland, and embrace
ongoing modernization, innovation and growth. LGT also uses
Finastra Kondor, a bank treasury management system, and Finastra's
Total Messaging platform.
"Many institutions need to urgently assess whether their current
payment processing environment can support the expected increase in
volumes and the need to operate 24/7," said Neil Macro, Vice
President, Managing Director – EMEA mid-markets, Payments at
Finastra. "This has been a huge priority for us at Finastra;
ensuring that banks are fit for the future with our sophisticated
payment hubs, including with the option to pay as you grow.
Underpinned by open architecture, APIs and our partner ecosystem,
our solutions enable banks like LGT to innovate at speed, boost
risk management and deliver enhanced services to end-users. For
example, the bank can seamlessly implement new functionality to
strengthen its instant payments offering, such as Verification of
Payee and real-time sanctions screening. We look forward to
supporting LGT on further developing its payments services."
About Finastra
Finastra is a global provider of financial software applications
and marketplaces, and launched the leading open platform for
innovation, FusionFabric.cloud, in 2017. It serves institutions of
all sizes, providing award-winning software solutions and services
across Lending, Payments, Treasury & Capital Markets and
Universal Banking (Retail, Digital and Commercial Banking) for
banks to support direct banking relationships and grow through
indirect channels, such as embedded finance and Banking as a
Service. Its pioneering approach and commitment to open finance and
collaboration is why it is trusted by over 8,000 institutions,
including 45 of the world's top 50 banks. For more information,
visit finastra.com.
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SOURCE Finastra International Limited