LogicaCMG Wins Dominican Republic Central Bank Bid to Implement New RTGS System.BOSTON -- LogicaCMG, a major international force in IT and business services, announced today that it has won an international competitive bid conducted by the Banco Central de la Republica Dominicana (BCRD BCRD Basic Consolidated Requirements Document ), to implement a Real Time Gross Settlement (RTGS RTGS Real Time Gross Settlement RTGS Real Time Gross Settlement System ) system. The project is financed by the World Bank. The BCRD will use LogicaCMG's Central Accounting System (CAS), part of the LogicaCMG Clearing & Settlement Solutions (LCSS LCSS Life Cycle Software Support LCSS Land Combat Support System LCSS Liquid Crystal Stereoscopic Shutter LCSS Lightweight Camouflage Screening System LCSS Lake Calhoun Sailing School (Minneapolis, MN) LCSS Lake Cowichan Secondary School ) set, to implement a high value clearing and settlement interbank system. This will form the backbone of SIPARD, the comprehensive reform of payment and settlement systems in the Dominican Republic. With CAS, the BCRD will be able to operate a complete modern, high value settlement system, and make use of Society for Worldwide Interbank Financial Telecommunications Society for Worldwide Interbank Financial Telecommunications (SWIFT) A dedicated computer network to support funds transfer messages internationally between over 900 member banks world-wide. (SWIFT) services and payment formats. The LogicaCMG solution will also ensure compliance with the recommendations set in the BIS Core Principles, the Committee on Payment and Settlement Systems' (CPSS CPSS Committee on Payment and Settlement Systems CPSS Commission on Public Secondary Schools CPSS Cincinnati Prehospital Stroke Scale (STR - Smile, Talk, Raise both arms) CPSS Certified Professional Soil Scientist ), and the IWH IWH Institute for Work & Health IWH Institute for Women's Health IWH I Was Here IWH Instantaneous Water Heater IWH Information Warehouse IWH Internet Warehouse / CMCA CMCA Consejo Monetario Centroamericano CMCA Center for Maine Contemporary Art CMCA Certified Manager of Community Associations CMCA Cheyenne Mountain Charter Academy (Colorado Springs, Colorado) initiatives. The BCRD will join the CAS User Group as its 17th member. Fabiola Herrera, BCRD's Director of Payment Systems Department commented, "After an extensive international public bidding process, involving reputable and leading IT companies, we are satisfied that LogicaCMG is the best choice to implement the system. We are looking forward to working with them in the timely and successful completion of this project." The Dominican Republic is in the process of developing a modern banking infrastructure to become more competitive in the global market and to attract more international investments. Parallel to this, BCRD has been instituting major reforms in financial supervision and regulation to promote growth and stability in the banking system within a global environment as well as the use of modern electronic payment tools. One of these regulatory changes is to improve and promote sound risk management in large-value transactions through the RTGS system. Michel Massain, Clearing and Settlement Sales Director of LogicaCMG, said: "LogicaCMG is very pleased to have won the BCRD account. We have already worked with many Central Banks to implement their RTGS systems, and we are proud that we will contribute to the modernisation of the banking infrastructure, in the Dominican Republic." Fermin Fautsch, Managing Director of LogicaCMG Latin America concluded: "We already have an established pedigree of delivery excellence in solutions and services in the Central and Latin American market place. This new opportunity will also further enhance our presence in the region especially in the sector of Financial Services, which is of great strategic importance to us." About LogicaCMG LogicaCMG is a major international force in IT and business services. It employs around 40,000 people across 41 countries. LogicaCMG's focus is on enabling its customers to build and maintain leadership positions using LogicaCMG's deep industry knowledge and its track record for successful delivery. The company provides business consulting, systems integration and IT and business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in across diverse markets including telecoms and media, financial services, energy and utilities, industry, distribution and transport and the public sector. Headquartered in Europe, LogicaCMG is listed on both the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. and Euronext (Amsterdam) (LSE LSE - Language Sensitive Editor : LOG; Euronext:LOG) and traded on the Xternal List of the Nordic Exchange in Stockholm. More information is available at www.logicacmg.com About BCRD The Central Bank of the Dominican Republic The Central Bank of the Dominican Republic (Spanish: Banco Central de la República Dominicana, BCRD) was established by the Monetary and Banking Law of 1947 as the central bank of the Dominican Republic, responsible for regulating the was created on October 9th, 1947, in accordance with Statutory Law No. 1529. It commenced operations on October 23rd of the same year, serving as a decentralized de·cen·tral·ize v. de·cen·tral·ized, de·cen·tral·iz·ing, de·cen·tral·iz·es v.tr. 1. To distribute the administrative functions or powers of (a central authority) among several local authorities. and independent organization. At present, it is governed by the Monetary and Financial Law. The Central Bank is ruled by the Monetary Board. Its mission is "To guarantee the stability of prices, the appropriate regulation of the financial system and the suitable operation of the payment systems, acting as the issuer and executor of the monetary and exchange policies, in agreement with the duties conferred this institution by the constitution and the law." The Central Bank of the Dominican Republic (CBDR CBDR Constant Bearing Decreasing Range (Naval term meaning a collision course; less formally, an impending disaster) ) is responsible for the oversight of the payment and settlement systems in the Dominican Republic. Consistent with this objective, the CBDR has embarked on a process of payment system reform to enhance the safety and efficiency of these systems in order to reduce systemic risks, as well as, minimize CBDR credit risk. Given the neutrality of the central bank and the critical importance of the payments system to the main objectives of monetary and financial system stability, the CBRD CBRD Chris's British Road Directory CBRD Chemical Biological Radiological Defense CBRD Chad Block Racing Development CBrd Chef Boyardee CBRD Construction Battalion Replacement Depot CBRD Capabilities Based Requirements Document is playing the lead role in payment system reform in the Dominican Republic. To this end, the CBDR launched the reform project of the national payments system (Sistema de Pagos de la Republica Dominicana, SIPARD). At the helm of the reform process, the CBDR will preside over the maintenance of confidence in the currency, as well as the viability of the financial system, which will provide the essential infrastructure for economic growth and development. More information can be found at www.bancentral.gov.do |
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