TORONTO & LONDON--(BUSINESS WIRE)--Logica, a leading business and technology services company, today announced that Banco Popular de Puerto Rico (BPPR), the largest financial institution in Puerto Rico, has selected the Logica All Payment Solution (LAPS) to deliver central payments processing for its US Federal Reserve and SWIFT-based payments, anti-money laundering detection and financial messaging.
LAPS’ scalability enables compliance with new regulations and addresses the changing needs of customers. The payment services hub increases automation levels, enabling real-time and more streamlined payments processing to improve customer service level and drive down operational costs.
John Farrell, vice president, Logica, said: “Logica has worked with Banco Popular for over 20 years and we are pleased to continue to build on our long history. The combination of our deep payments expertise and expansive product capabilities gives us a strong understanding of Banco Popular’s business challenges and payments ecosystem. The LAPS’ product architecture and functionality will offer flexibility and customisation for Banco Popular’s current and future payment needs to position it for long-term growth.”
Jeremy Schutte, senior vice president, added: “With the evolving payments market, banks are seeking solutions that offer effective risk management while providing agility and ensuring that they remain competitive. We are delighted that a leading bank in the America’s region has chosen our payment services hub and we look forward to working together on this project.”
Logica will work with Banco Popular’s local IT implementation partner, EVERTEC to provide solution deployment support. LAPS is expected to go live at EVERTEC’s data centre in Cupey, Puerto Rico and in a disaster recovery site on the US mainland in November 2012.
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About Banco Popular de Puerto Rico
Popular, Inc. is a full
service financial services provider based in Puerto Rico with operations
in Puerto Rico, the United States, the Caribbean and Latin America. As
the leading financial institution in Puerto Rico, the Corporation offers
retail and commercial banking services through its principal banking
subsidiary, Banco Popular de Puerto Rico, as well as auto and equipment
leasing and financing, mortgage loans, consumer lending, investment
banking, broker-dealer and insurance services through specialised
subsidiaries.
About EVERTEC
EVERTEC, Inc. is a diversified processing
business, offering transaction and payment processing, merchant
acquiring and processing and other related services in Puerto Rico and
certain countries within the Caribbean and Latin America. EVERTEC owns
and operates the ATH network, the leading debit payment and ATM network
in Puerto Rico. EVERTEC’s products and services include point-of-sale
processing, network and switch services, automated teller machine
driving services, core bank processing, business process outsourcing
solutions, technology infrastructure management, financial services
applications and merchant acquiring services. Headquartered in San Juan,
Puerto Rico, EVERTEC has approximately 1,700 employees in 6 countries
throughout the Caribbean and Latin America. EVERTEC is 51% owned by an
affiliate of Apollo Global Management, LLC, a leading private equity and
capital markets investor, and 49% owned by Popular, Inc., the largest
financial institution in Puerto Rico and the Caribbean. For more
information about EVERTEC, please visit www.evertecinc.com.
About Logica
Logica is a business and technology service
company, employing 41,000 people. It provides business consulting,
systems integration and outsourcing to clients around the world. Logica
creates value for clients by successfully integrating people, business
and technology. It is committed to long term collaboration, applying
insight to create innovative answers to clients’ business needs. Logica
is listed on both the London Stock Exchange and Euronext (Amsterdam)
(LSE: LOG; Euronext: LOG).
More information is available at www.logica.com. Connect with Logica on Facebook, twitter, and YouTube.
Logica’s LAPS is a multi-entity and multi-currency solution that delivers central payments processing and risk management system. LAPS has achieved a record processing capability in excess of 50 million payments per hour.
To learn more about Logica’s Financial Services products, visit: www.logica.com/we-work-in/financial-services/financial-services-products/
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