LGT in Liechtenstein taps Finastra for instant payments
LGT, the private banking and asset management group owned by the Princely House of Liechtenstein, has selected Finastra’s payment hub to launch instant payment services.
LGT partners Finastra for instant payments
The group says it intends to roll out instant payment services in Austria and Liechtenstein initially, with “other markets to follow”.
Finastra says LGT’s adoption of its payments hub tech will “accelerate its readiness to meet the EU instant payments regulatory timeline”.
The European Parliament announced a fresh set of regulations in a push to guarantee that euro money transfers arrive in bank accounts “within ten seconds” throughout the EU back in February.
To adhere to this, and to remain agile for any future requirements, LGT has sought to uncouple its payment processing capabilities from its existing core banking platform through Finastra.
To be implemented via a model bank approach, Finastra claims its payment hub will enable LGT to “meet current regulatory requirements, respond faster to future changes and deliver personalised services” to its customers.
Once the implementation is complete, it adds that the group will be able to “easily adopt other schemes”, including the Swiss interbank clearing system for instant payments, SIC5 IP, Verification of Payee and real-time sanctions screening.
Bernhard Strauch, head of securities and payments services at LGT Financial Services, says the solution’s selection was driven by its ability to support “multiple payment types within one standalone system, while enabling seamless integrations of new services as and when we need them”.
LGT is already making use of Finastra’s bank treasury management system Kondor and its Total Messaging platform.
