LogicaCMG, HP to implement anti-money laundering solution

Bangalore, Mar 27 (UNI) LogicaCMG, in partnership with Hewlett Packard (HP), will implement NetEconomy's ERASE compliance manager, an anti-money laundering (AML) solution, for Bank of Baroda.

In addition, LogicaCMG would implement an integrated payments messaging solution for the bank. Both the systems would be implemented at the bank's headquarters in Mumbai and provide seamless connectivity to its 16 overseas branches, LogicaCMG said in a release here today.

The payments messaging solution would enable the bank to perform straight-through processing of payment messages from the bank's core systems through international payment networks like SWIFT or other country-specific networks. The AML system would monitor suspicious financial transactions and scan blacklisted messages through advanced statistical analysis and transaction monitoring, the release said.

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

LogicaCMG Managing Director (South Asia) Kannan Ramaswamy said the contract reinforced the company's position as a leading provider of integrated risk and compliance solutions worldwide. ''It is one of the largest AML and payments contracts for a single bank in India to be implemented across 17 countries,'' he added.

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