eFunds and Logica to implement real time gross settlement solution at

World IT Report, Apr 9, 2003

eFunds Corporation, provider of electronic payment, risk management and related information technology, has been awarded a multi-million dollar subcontract to assist Logica with implementation of a Real Time Gross Settlement (RTGS) project at the Reserve Bank of India (RBI).

eFunds International Private Limited, a wholly owned subsidiary of eFunds, will assist Logica in the implementation of a national RTGS system, which will allow banks in India to make secure inter-bank payments throughout the country.

In addition, a new core banking system will cover all the general transactions and central accounting of the RBI, including the bank's general ledger.

Under the agreement, eFunds will provide technical expertise and functional support to Logica in the implementation of the RTGS project. eFunds will perform work relating to the porting of Logica's RTGS software onto a mainframe platform. eFunds also will help Logica develop a real-time accounting and settlement system for RBI. Logica's Quaestor product suite will be supplied to 205 Indian financial institutions to enable their direct participation in the RTGS system. -(World IT Report)