3rd Oct 2007 13:08
LogicaCMG, a major international force in IT and businessservices, announced today that it has won an international competitivebid conducted by the Banco Central de la Republica Dominicana (BCRD),to implement a Real Time Gross Settlement (RTGS) system. The projectis financed by the World Bank. £ The BCRD will use LogicaCMG's Central Accounting System (CAS),part of the LogicaCMG Clearing & Settlement Solutions (LCSS) set, toimplement a high value clearing and settlement interbank system. Thiswill form the backbone of SIPARD, the comprehensive reform of paymentand settlement systems in the Dominican Republic. £ With CAS, the BCRD will be able to operate a complete modern, highvalue settlement system, and make use of Society for WorldwideInterbank Financial Telecommunications (SWIFT) services and paymentformats. The LogicaCMG solution will also ensure compliance with therecommendations set in the BIS Core Principles, the Committee onPayment and Settlement Systems' (CPSS), and the IWH / CMCAinitiatives. The BCRD will join the CAS User Group as its 17th member. £ Fabiola Herrera, BCRD's Director of Payment Systems Departmentcommented, "After an extensive international public bidding process,involving reputable and leading IT companies, we are satisfied thatLogicaCMG is the best choice to implement the system. We are lookingforward to working with them in the timely and successful completionof this project." £ The Dominican Republic is in the process of developing a modernbanking infrastructure to become more competitive in the global marketand to attract more international investments. Parallel to this, BCRDhas been instituting major reforms in financial supervision andregulation to promote growth and stability in the banking systemwithin a global environment as well as the use of modern electronicpayment tools. One of these regulatory changes is to improve andpromote sound risk management in large-value transactions through theRTGS system. £ Michel Massain, Clearing and Settlement Sales Director ofLogicaCMG, said: "LogicaCMG is very pleased to have won the BCRDaccount. We have already worked with many Central Banks to implementtheir RTGS systems, and we are proud that we will contribute to themodernisation of the banking infrastructure, in the DominicanRepublic." £ Fermin Fautsch, Managing Director of LogicaCMG Latin Americaconcluded: "We already have an established pedigree of deliveryexcellence in solutions and services in the Central and Latin Americanmarket place. This new opportunity will also further enhance ourpresence in the region especially in the sector of Financial Services,which is of great strategic importance to us." £ About LogicaCMG £ LogicaCMG is a major international force in IT and businessservices. It employs around 40,000 people across 41 countries.LogicaCMG's focus is on enabling its customers to build and maintainleadership positions using LogicaCMG's deep industry knowledge and itstrack record for successful delivery. The company provides businessconsulting, systems integration and IT and business processoutsourcing across diverse markets including telecoms and media,financial services, energy and utilities, industry, distribution andtransport and the public sector. Headquartered in Europe, LogicaCMG islisted on both the London Stock Exchange and Euronext (Amsterdam)(LSE: LOG; Euronext:LOG) and traded on the Xternal List of the NordicExchange in Stockholm. More information is available atwww.logicacmg.com £ About BCRD £ The Central Bank of the Dominican Republic was created on October9th, 1947, in accordance with Statutory Law No. 1529. It commencedoperations on October 23rd of the same year, serving as adecentralized and independent organization. At present, it is governedby the Monetary and Financial Law. £ The Central Bank is ruled by the Monetary Board. Its mission is"To guarantee the stability of prices, the appropriate regulation ofthe financial system and the suitable operation of the paymentsystems, acting as the issuer and executor of the monetary andexchange policies, in agreement with the duties conferred thisinstitution by the constitution and the law." £ The Central Bank of the Dominican Republic (CBDR) is responsiblefor the oversight of the payment and settlement systems in theDominican Republic. Consistent with this objective, the CBDR hasembarked on a process of payment system reform to enhance the safetyand efficiency of these systems in order to reduce systemic risks, aswell as, minimize CBDR credit risk. Given the neutrality of thecentral bank and the critical importance of the payments system to themain objectives of monetary and financial system stability, the CBRDis playing the lead role in payment system reform in the DominicanRepublic. To this end, the CBDR launched the reform project of thenational payments system (Sistema de Pagos de la Republica Dominicana,SIPARD). £ At the helm of the reform process, the CBDR will preside over themaintenance of confidence in the currency, as well as the viability ofthe financial system, which will provide the essential infrastructurefor economic growth and development. More information can be found atwww.bancentral.gov.do Copyright Business Wire 2007Related Shares:
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