Fintech
Finastra will equip LGT with EU compliance solution for instant payments
The global provider of software applications and financial markets, Windowhas partnered with LGT – the largest royal family-owned private banking and wealth management group in the world – to provide the bank with a solution to accelerate compliance with EU regulations on instant payments.
Leveraging Finastra’s payment hub, LGT will implement instant payment services that will launch in Austria and Liechtenstein, with other markets to follow.
LGT: Leverage Finastra to meet the deadlines required by EU legislation on instant payments
LGT plans to integrate Finastra’s payments hub according to a model banking implementation approach. In this way, the leading private banking and wealth management group will be able to accelerate its preparation to meet the EU’s instant payments regulatory timelines.
THE The new EU regulation was adopted in February this year to make instant payments fully available in the euro currency for both consumers and businesses, in all EU and EEA countries.
The EU’s regulation on instant payments, which will be implemented by January 9, 2025, is designed to improve the strategic autonomy of Europe’s economic and financial sectors, reducing what the bloc calls “over-dependence” on European financial institutions and infrastructures. third countries.
To complete the integration, LGT will separate payment processing from its core banking platforms before implementing Finastra’s future-proof solution.
In this way, LGT will comply with the new regulations and anticipate growth in instant payment volumes while ensuring the required service availability 24 hours a day, 7 days a week.
Bernhard Strauch, Head of Securities & Payments Services at LGT Financial Services, says: “Payments are becoming increasingly sophisticated and we must continue to evolve to meet the business needs and regulatory requirements of our clients.
“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.”