Canadian Imperial Bank of Commerce -CIBC- Selects Logica to Provide Integrated OFAC Compliant Solution.LEXINGTON, Mass.--(BUSINESS WIRE)--May 18, 1998-- "All-in-One" Integrated Automatic Transaction Scanning and Open Financial Messaging Solution Key Factors to Company's Contract Win Logica today announced a contract to provide its Office of Foreign Asset Control (OFAC OFAC Office of Foreign Assets Control (US Treasury) OFAC Ontario Farm Animal Council (Canada) OFAC Olmsted Falls Airport Committee OFAC Organic Fertilizer Association of California ) scanning system and integrated financial messaging solution to Canadian Imperial Bank Of Commerce The Canadian Imperial Bank of Commerce TSX: CM NYSE: CM, better known to most customers as CIBC, is one of Canada's major banks. CIBC is classified as a Domestic Chartered Bank (Schedule I). (NYSE NYSE See: New York Stock Exchange :BCM BCM Baylor College of Medicine BCM Become BCM Business Communications Manager (Nortel) BCM Broadcom Corporation BCM Business Continuity Management BCM Business Contact Manager (Microsoft) ), one of the 10 largest banks in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . As a result, the bank can easily achieve compliance with the US Treasury's OFAC and other bank and regulatory requirements. Logica's solution for CIBC's New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of office fully integrates Logica's HotScan and Xpress products, allowing the bank to tightly link their financial message transactions with a system that can automatically scan 100 percent of those transactions against a list of blocked or frozen accounts. Logica Xpress, a multi-network, financial message switching message switching - store and forward software product, allows CIBC CIBC Canadian Imperial Bank of Commerce CIBC Centres Interinstitutionnels de Bilan de Compétences CIBC Commonwealth Institute of Biological Control (Trinidad) CIBC Commercial International Brokerage Company , its corporate customers and correspondent banks to exchange messages (i.e., funds transfer, customer accounts and other payments) via a variety of networks, including SWIFT, telex and fax. Logica Xpress controls the exchange of these messages using a reliable routing and safestore mechanism to ensure maximum security as well as message integrity. "Based on CIBC's successful, decade-long working relationship with Logica, selecting them as our solution provider in New York was clear when the time came for us to implement an OFAC scanning system for our U.S. operations," said Rob Hale, Operational Efficiencies Group Executive Director for CIBC World Markets CIBC World Markets is the investment banking division of the Canadian Imperial Bank of Commerce. It helps governments, large companies, and other large institutions obtain capital and credit and is a primary dealer in U.S. Treasury securities. . "Furthermore, because Logica could deliver and implement both the OFAC scanning and the financial messaging systems, we found their `one-stop shopping' solution to be the best option available." The contract to supply CIBC with the HotScan/Logica Xpress solution marks the first Logica Xpress installation in North America. "Logica Xpress strengthens our financial messaging portfolio by offering an alternative solution with an open systems design and messaging capability," explains Karen Roche, executive vice president of Logica's Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Division. "This relationship is important to Logica because it represents the first North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. implementation of Logica Xpress, and Logica staff worked closely with a world-class financial institution to make the implementation a success." Now running on the New York branch of CIBC's UNIX-based SUN Solaris server, the HotScan/Logica Xpress solution delivers cleared transactions to the SWIFT network through the Logica Xpress interface. In addition, CIBC's bank branches may connect to Logica Xpress either over a LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. or WAN networking environment, allowing remote operator access to Logica Xpress from potentially anywhere in the world. About CIBC Canadian Imperial Bank of Commerce is Canada's second-largest bank. Its 1,400 branches offer Canadians a complete range of consumer and small to mid-sized business banking services, including checking and savings accounts, investment products, mortgages and other loans, and credit cards. In addition, the company underwrites and sells life, credit, personal property/casualty, and non-medical health insurance. The company's CIBC World Markets provides investment banking and other financial services in North America, Europe, Asia, and Latin America. The US represents Canadian Imperial's largest foreign market, accounting for about 13% of earnings. About Logica Logica is a leading provider of business engineered, content-rich solutions for the Energy & Utilities, Telecommunications, Financial Services and Automotive markets. The company's expertise is in systems integration, consulting, products and core process out-tasking/applications management. In collaboration with its partners around the world, Logica aims to help its clients achieve sustainable, profitable growth, by maximizing the value of their core assets. Logica's success is driven by its people, and is delivered through focused industry, process and application expertise enabled by technology. The company offers its products and services through innovative, flexible business partnerships and measures its success by the impact it has on its clients' results. With its North American headquarters in Lexington, MA, Logica has offices in Dearborn, Fort Lauderdale, Houston, New York, San Francisco, Toronto and Williamsburg, VA. Logica is a $562 million company with offices in 22 countries and 6000 employees worldwide. Since its founding in 1969, Logica has completed over 15,000 projects in 60 countries around the world. Logica's home page can be found at http://www.logica.com. CONTACT: Logica Inc. PAN Communications, Inc. Eithne Egan Dan Sher 617/476-8000 978/474-1900 egane@logica.com dsher@pancomm.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion