Logica and RTM Partner on Hosted AML Solution for Brazilian Banks
Logica has announced a partnership with Rede de Telecomunicações para o Mercado (RTM), the largest financial services extranet in Brazil, to supply its payments filtering solution, HotScan. This is the first implementation of HotScan delivered through an application service provider (ASP) delivery model. Two banks have already joined the service, which is designed to help reduce risk and meet the requirements of the Combating Terrorist Financing (CTF) regulation that came into effect in March 2009. The solution, a hosted service, will be offered to more than 40 financial institutions in Brazil.
RTM provides an extranet for the Brazilian financial market, connecting more than 500 financial institutions in a single operational environment. With the introduction of the CTF regulation, the Brazilian financial market required an anti-money laundering (AML) solution that supports time-critical activities and fully integrates with SWIFT. After a two-year selection process and a competitive tender, RTM selected Logica. This strategic alliance will allow RTM to host HotScan in its data centres and provide a sanctions filtering service to its financial institution customers in Brazil.