National Bank of Canada picks CGI for payments hub

The National Bank of Canada (NBC) has chosen to opt for fellow compatriot CGI as the bank’s new payments hub solution.

CGI’s All Payments (APS) product will be implemented by the bank as part of its preparation for the Payments Canada regulatory changes.

“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.”

New technology is expected to boost the bank’s straight-through processing (STP), improve operational efficiencies and allow more flexibility in the bank’s product offering.

The All Payments solution provides NBC with a “continuous view” of liquidity across clearings plus consolidated payment transactions data, enabling the bank to “focus on innovation and develop new customer business.”

“CGI’s partnership in modernising 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,” noted 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 modernise 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.”