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LogicaCMG and BACS have combined their complimentary strengths and experiences to take advantage of the growing electronic payments market.
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| Consulting-Times E-zine
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By 2010 the worldwide market in payment transactions will be worth $364bn in revenue to banks worldwide and generate over 400 billion transactions a year, according to the Boston Consulting Group.
LogicaCMG and BACS, two major players in the banking industry, announced a partnership with the aim of providing the technology and services which underpin the massive growth in electronic payments. BACS is already behind over 3.7 billion payments per annum in both Sterling and Euros, LogicaCMG is a leading information technology services provider to the world's premier financial institutions.
Commenting on the announcement, BACS CEO, Marion King, said, “This is a significant step for BACS in moving forward with our strategic aim of providing ACH services in new markets.”
They will be working together to provide the infrastructure and technology services to existing and emerging automated payments markets worldwide, based on the award winning NewBACS technology platform. The first stage of the BACS platform was voted the Best Use of Business-to-Business E-Commerce Solution at the UK Financial Sector Technology Awards 2003. It has also received recognition at the Corporate IT Forum Awards and the British Computer Society Awards for IT Services. The platform provides unique and highly secure IP-based technology to facilitate bulk payments, and its rich functionality also provides the convenience and flexibility of other payment instruments including the Direct Debit service for repeat payments.
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