Finastra, a leading global financial software provider, has been selected by private bank LGT to introduce instant payment services in Austria and Liechtenstein, with plans for future expansion into additional markets.
LGT will leverage Finastra’s payment hub, using a model bank implementation approach to quickly meet the EU’s instant payments regulatory requirements.
By decoupling payment processing from its core banking system, LGT aims to manage the expected increase in instant payment volumes and guarantee 24/7 service availability.
Finastra’s payment hub is designed to offer a scalable and resilient system for payment processing, allowing banks to meet regulatory mandates and swiftly adapt to future changes.
LGT’s deployment of Finastra’s payment hub will enable the bank to promptly comply with the upcoming EU regulatory deadline for instant payments.
The solution also supports the integration of other payment schemes, such as SIC5 IP in Switzerland, aiding in continuous modernization and innovation.
LGT already utilizes Finastra Kondor, a treasury management system, and Finastra’s Total Messaging platform.
“We chose Finastra’s payment hub because it supports multiple payment types within a single standalone system and enables seamless integration of new services as needed. With Finastra’s solution and industry expertise, we will gain the necessary agility to keep up with regulatory and industry demands,” said Bernhard Strauch, Head of Securities & Payments Services at LGT Financial Services.
“Supported by open architecture, APIs, and our partner ecosystem, our solutions allow banks like LGT to innovate rapidly, enhance risk management, and deliver improved services to end-users. For instance, the bank can seamlessly implement new functionalities to strengthen its instant payments offering, such as Verification of Payee and real-time sanctions screening. We look forward to assisting LGT in further developing its payment services,” said Neil Macro, Vice President, Managing Director – EMEA mid-markets, Payments at Finastra.
Source: fintechnews.ch
