- Partnership Announcement:
- Entities Involved: LGT (private banking and asset management group) and Finastra (provider of financial technology solutions).
- Objective: Launch instant payment services.
- Implementation Plan:
- Initial Rollout: Austria and Liechtenstein.
- Future Expansion: Other markets to follow.
- Technology and Compliance:
- Finastra’s Role: Provide a payments hub to help LGT meet EU instant payments regulations.
- EU Regulation: Requires euro money transfers to arrive within ten seconds.
- Model Bank Approach: Uncouple LGT’s payment processing from its core banking platform for agility and compliance.
- Benefits and Features:
- Regulatory Readiness: Enable LGT to meet current and future regulatory requirements.
- Service Expansion: Adopt other schemes like Swiss SIC5 IP, Verification of Payee, and real-time sanctions screening.
- Personalized Services: Deliver tailored services to customers.
- Technological Integration:
- Current Usage: LGT already uses Finastra’s Kondor (treasury management system) and Total Messaging platform.
- Future Integration: Seamless integration of new services as needed.
- Statements:
- Bernhard Strauch (LGT): The solution supports multiple payment types within one system and allows for easy integration of new services.
This partnership aims to enhance LGT’s payment processing capabilities, ensuring compliance with new EU regulations and preparing for future requirements and market expansions.
