MONTRÉAL, Sept. 23, 2019 - CGI (TSX: GIB.A) (NYSE: GIB) has been awarded a contract by National Bank of Canada (NBC) to implement All Payments (APS) as its payments Hub solution. Under the agreement, NBC will deploy new technology in preparation for its adoption of Payments Canada regulatory changes. The modernized payments ecosystem will increase the bank's straight-through processing (STP), improve operational efficiencies and allow more flexibility in the bank's product offering.
CGI All Payments will be used to support NBC's transformation journey as it modernizes its payments ecosystem. Consolidating payments onto the CGI platform will give National Bank a continuous view of liquidity across all clearings, and consolidated payment transactions data. Having CGI All Payments as its payments hub platform will allow the bank to maintain its focus on innovation and develop new customer business.
Implementing APS (All Payments solution) will significantly contribute to our payments modernization program and will help us make a positive impact on our customers and partners, said David Bergeron, Senior Manager, Treasury and Payments Solutions, National Bank of Canada. The technologies we are implementing deliver the scalability to support future growth and the flexibility to adopt future payments innovations.
CGI's partnership in modernizing National Bank of Canada's payments systems is based on more than 40 years of experience supporting national payment infrastructures in 20 countries around the world, said Michael Godin, Senior Vice-President, Greater Montréal, CGI. We look forward to working with National Bank of Canada on its journey to introduce innovative services for customers by modernizing its payments processing infrastructure.
The Canadian Payments market is going through an ambitious modernization program currently, leading every bank in turn to modernize their systems, notes Gareth Lodge, Senior Analyst, Celent. What makes this announcement noteworthy is that National Bank of Canada have chosen not to concentrate on just the changes they needed to make and replicate what they had before, but take this opportunity and implement a leading edge solution. This will serve them well for future opportunities the market will bring.
About CGI All Payments
CGI All Payments is a modern, modular solution built on global industry standards to ensure banks' payments business is future-proof. It helps banks to increase revenue by reducing transaction costs and time to market for new revenue streams. A bank's customers also benefit from a wide range of payment choices and the ability to transfer and receive funds 24/7/365. As an integrated software platform for processing real-time, wire and ACH payments, CGI All Payments' built-in workflow engine helps automate the processing of payment transactions to reduce manual processing while improving straight-through processing (STP) rates across all payment types.
Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With approximately 77,500 consultants and professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. With Fiscal 2018 reported revenue of C$11.5 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at cgi.com.