Logica claims that its platform will enable Westpac New Zealand improve its as LAPS helps increase automation levels, streamlines payments processing and drives down operational costs.
LAPS will help Westpac New Zealand launch new products and services to its 1.2 million customers.
It will also enable the bank to meet the impending Settlement Before Interchange (SBI) mandated initiative in New Zealand to reduce settlement risk.
Westpac New Zealand head of Business Products and Strategy Greg Byrne said they chose Logica because of its payments industry knowledge and understanding of the local environment and the wider APAC region.
"LAPS’ rich functionality and modern architecture will enable us to better service our customers and remain competitive by bringing new products to market," Byrne said.
Comprehensive inter-bank testing of LAPS is scheduled for the middle of 2011 and the payments hub is expected to go-live in October of this year.
