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Finastra enhances LGT’s Instant Payments in Austria and Liechtenstein – Fintech Schweiz Digital Finance News
Of Fintechnews Switzerland
May 27, 2024
Finastra, a global financial software provider, has been chosen by private bank LGT to launch instant payment services in Austria and Liechtenstein, with plans to expand to other markets.
LGT will use Window‘s payments hub, adopting a model banking implementation approach to accelerate compliance with the EU instant payments regulatory timeline.
By separating payment processing from its core banking system, LGT aims to manage the expected growth in instant payment volumes and ensure 24/7 service availability.
Bernhard Strauch
“We chose Finastra Payment Hub as it supports multiple payment types within a self-contained system, while enabling seamless integrations of new services as and when we need them.
With Finastra’s solution and industry expertise, we will gain the agility to keep pace with regulatory and industry demands.”
said Bernhard Strauch, Head of Securities & Payments Services at LGT Financial Services.
Neil Macro
«Backed by an open architecture, APIs and our partner ecosystem, our solutions enable banks like LGT to rapidly innovate, enhance risk management and provide improved services to end users.
For example, the bank can seamlessly implement new features to strengthen its instant payments offering, such as beneficiary verification and real-time sanctions screening. We will be happy to support LGT in the further development of its payment services.”
said Neil Macro, Vice President, Managing Director – EMEA Middle Markets, Payments at Finastra.
Featured image credit: Edited by freepik
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