Financial Daily from THE HINDU group of publications
Tuesday, Dec 03, 2002
Financial Daily from THE HINDU group of publications Tuesday, Dec 03, 2002 |
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Info-Tech
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Software Logica bags deal worth $9 m Our Bureau
BANGALORE: Logica has signed a deal worth $9 million to implement the real time gross settlement (RTGS) system and the Scripless Securities Settlement (SSS) System for the Central Bank of Sri Lanka (CBSL). The overall system will enable banks and financial institutions to make secure, high-value, inter-bank payments virtually instantaneously across the country, and also to deal in real-time trading and settlement of government securities. The CBSL has embarked on an ambitious modernisation programme, funded through a World Bank loan, to reduce risks and increase efficiency within the national payments system. Ultimately, this will enable it to become more competitive in the global market, improve financial services and attract more international investments, said a press release. All commercial banks in Sri Lanka will be direct participants in the Logica-developed RTGS system. According to the Central Bank of Sri Lanka, the RTGS initiative will help it implement world-class national payments infrastructure for Sri Lanka.
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