Logica, the IT and business services company, has connected 48 […]
Logica, the IT and business services company, has connected 48 banks represented by The Banks’ Association of Turkey (TBB) have upgraded their financial messaging infrastructure using Logica’s high-end messaging system. The Logica platform has been successfully rolled out across 10 international and 38 Turkish banks in the record time of just two months.
Sarah Loveday, managing director, global financial products at Logica, comments: “We are honoured that 48 banks have decided to extend their partnership with us and that the entire high-value payments environment for Turkey runs on Logica infrastructure. Our high-end messaging systems offer flexibility and automation the banks require to substantially reduce manual interventions and costs, ultimately improving customer service.”
The migration to the new Logica financial messaging platform enables the banks to increase Straight Through Processing (STP) rates by automating validation and allowing them to develop their own message validation rules. This increases the reliability of the network, as fewer messages are rejected while optimised testing improves the quality and time to market of new financial instruments. The need for manual intervention is also reduced resulting in lower costs for the banks. By improving the efficiency, reliability and cost-effectiveness of their financial messaging, the banks can deliver a better customer service. Logica’s high-performance, scalable payments system can handle approximately 5 million messages a day.
The Turkish banks have been Logica clients since 1992 and decided to modernise their messaging infrastructure as part of a broader project to upgrade their hardware platform. After a rigorous evaluation process Logica emerged as the supplier of choice. Logica’s close partnership with Turkey’s banking community ensured a rapid and smooth migration. With project teams working alongside each other this was a high quality development and system rollout to all the banks coordinated by the TBB.