Logica partners with Brazil’s largest financial services extranet

image Logica, a leading IT and business services company, today announced a partnership with Rede de Telecomunicações para o Mercado (RTM), the largest financial services extranet in Brazil, to supply Logica’s payments filtering solution, HotScan. This is the first implementation of HotScan delivered through an application service provider (ASP) delivery model. Two banks have already joined the service, enabling them to reduce risk and meet the requirements of the Combating Terrorist Financing (CTF) regulation that came into effect in March 2009. HotScan as a hosted service will be offered to more than 40 financial institutions in Brazil.

RTM provides an extranet for the Brazilian financial market, connecting more than 500 financial institutions in a single operational environment. With the introduction of the CTF regulation, the Brazilian financial market required an anti-money laundering (AML) solution that supports time-critical activities and fully integrates with SWIFT. After a two year selection process and a competitive tender, RTM selected Logica due to its extensive experience in delivering AML solutions, its global reach and the fact that HotScan is certified by SWIFT. This strategic alliance will allow RTM to host HotScan in its data centres and provide a sanctions filtering service to its financial institution customers in Brazil.

Adriane dos Santos Rego, marketing director at RTM, said: “Through our partnership with Logica, we can help Brazilian institutions address increasingly tough market demands to drive down risk and better support their growth plans with a scalable solution. With regulatory pressure mounting, the need for a fully automated payments filtering system will further increase and we therefore expect strong uptake of HotScan as a service from these banks.”

Currently many banks use in-house systems or products developed by small companies in Brazil that no longer fulfill their expanding payments filtering needs. HotScan provides a fully automated filtering solution that can scale to handle increasing payment volumes and meets international regulatory requirements. In addition, the filter’s intuitive, self-learning nature further allows banks to cut operational costs by reducing the volume of manual checks due to its very low false positive rates.

Commenting on the partnership, John Evans, director of financial crime solutions at Logica, said: “RTM has recognised the growing requirement for robust AML solutions in South America. As the financial landscape becomes increasingly risk-averse in nature, regulatory requirements for increased levels of filtering will only become more stringent. Banks are therefore having to put AML and sanctions screening higher on their priority lists. We’re pleased to be partnering with RTM and enabling banks in Brazil to comply with the regulations and combat financial crime.”

Comments are closed.