Finastra, a global financial software provider, has been chosen by private bank LGT to launch instant payment services in Austria and Liechtenstein, with plans to expand to other markets.
LGT will utilise Finastra’s payment hub, adopting a model bank implementation approach to expedite compliance with the EU’s instant payments regulatory timeline.
By separating payment processing from its core banking system, LGT aims to manage anticipated growth in instant payment volumes and ensure 24/7 service availability.
Finastra’s payment hub is designed to offer a scalable and resilient payment processing system, enabling banks to meet regulatory requirements and quickly adapt to future changes.
LGT’s implementation of Finastra’s payment hub will allow the bank to swiftly comply with the upcoming EU regulatory deadline for instant payments.
The solution also facilitates the adoption of other payment schemes, such as SIC5 IP in Switzerland, supporting ongoing modernization and innovation.
LGT already employs Finastra Kondor, a treasury management system, and Finastra’s Total Messaging platform.
“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.”
said Bernhard Strauch, Head Securities & Payments Services at LGT Financial Services.
“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.”
said Neil Macro, Vice President, Managing Director – EMEA mid-markets, Payments at Finastra.
Featured image credit: Edited from freepik
