Wednesday, June 12, 2024
21.9 C
New York

LGT in Liechtenstein taps Finastra for instant payments

  • 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.

Hot this week

Banking as a Service: Meaning, Examples, Benefits and Future

The push for open banking has led to a...

What is Fintech?

Fintech: A term used to refer to innovations in...

Best fintech blogs and websites

Fintech (financial technology) has been an interesting part of...

How to buy shares online

Buying shares online in India has come a long...

Is it worth investing in life insurance over 60?

Is it worth investing in life insurance over 60? As...

U.S. Bank taps Greenlight for family-focused money management tools

U.S. Bank Partners with Greenlight to Enhance Financial Literacy...

Finseta offloads non-trading subsidiary Capital Currencies to undisclosed buyer for £150,000

Summary of Finseta's Sale of Capital Currencies:Transaction Overview:...

Peru becomes first South American country to adopt NPCI’s UPI tech

Summary of BCRP and NPCI International Partnership:Partnership Overview:...

Beobank selects Viva to power new corporate payment solutions for SMEs in Belgium

Beobank and Viva Partnership - Key Points:Partnership Objective:...

Siri and Google Assistant look to generative AI for a new lease on life

There’s a lot riding on next week’s WWDC 2024...

Centenary Bank embarks on tech overhaul with Oracle Flexcube core banking system

Centenary Bank Technology Transformation - Key Points:Bank Overview:...

Related Articles

Popular Categories