LogicaCMG bags HP contract

BANGALORE: LogicaCMG announced that it has won a contract from Hewlett Packard (HP) for the implementation of NetEconomy's ERASE compliance manager, an anti-money laundering (AML) solution for the Bank of Baroda.

In addition, LogicaCMG will implement an integrated payments messaging solution for the bank. Both systems will be implemented at the bank's headquarters in Mumbai, India and provide seamless connectivity to the bank's 16 overseas branches.

The payments messaging solution will enable the bank to perform straight-through processing of payments messages from the bank's core systems through international payment networks like SWIFT or other country-specific networks.

The AML system will monitor suspicious financial transactions and scan blacklisted messages, through advanced statistical analysis and transaction monitoring.

The fully-integrated system provided by LogicaCMG is part of a contract won by HP, chosen by the bank as the overall strategic IT partner for the bank's technology-enabled business transformation project.

Kannan Ramaswamy, managing director of LogicaCMG in South Asia said: “We are pleased to support the Bank of Baroda in their aim of achieving compliance in risk management and payments. This contract reinforces our position as a leading provider of integrated risk and compliance solutions worldwide. It is also one of the largest AML and payments contracts for a single bank in India to be implemented across 17 countries.”

He added: “This win strengthens our position as a long-term partner to Indian banks, helping them in their strategic choices in payments and compliance. Mandatory regulatory requirements on AML and guidelines on payments will soon require more banks in India to install AML-compliant, integrated payments systems.”