UK systems integrator Logica Plc has won a contract to install a clearing and settlement system that it says will accelerate Latvia’s entry into the European Union. The EU requires member states to have settlement systems that integrate with Target, the European money transfer system oriented around the European Central Bank in Frankfurt. Logica’s real time gross settlement product (RTGS) turns the Latvian money transfer from a hodge-podge of paper transfer to a system in which high-value transactions are given priority and made faster and more visible to banks. The contract’s value in the low millions of dollars, says Logica, and it will be implemented along with the company’s local partner, Finnish systems integrator Tieto.
