Peoples Trust Company chooses CGI All Payments to modernize and digitize payments systems

Rhea-AI Summary

CGI (NYSE: GIB) announced that Peoples Trust Company (PTC), a major player in Canadian financial services, has selected CGI All Payments to enhance its payment processing capabilities. This partnership marks a significant milestone as PTC becomes the first new direct participant in Canada's Automated Clearing Settlement System (ACSS) in nearly 40 years. CGI All Payments will modernize PTC's payment systems, supporting its strategic growth plan and expanding its offerings in the competitive Canadian payments landscape.

Positive

• Partnership with PTC enhances CGI's position in the Canadian financial services market.
• PTC's selection of CGI All Payments supports its multi-year growth strategy.
• First new direct participant in ACSS in 40 years indicates strong market entry.

Negative

• None.

Solution to help enable their direct participation in the Canadian retail market space

FAIRFAX, Va., July 12, 2022 /PRNewswire/ -- CGI (NYSE: GIB) (TSX: GIB.A) today announced that Peoples Trust Company (PTC), part of Peoples Group, a leading provider of financial services to the Canadian marketplace, has selected CGI All Payments to provide the capabilities the company needs to directly participate in Canada's Automated Clearing Settlement System (ACSS). ACSS is the system through which Canadian cheques and electronic payments are cleared and settled. In June 2022, PTC became the first new direct participant connecting to ACSS in nearly 40 years. Further, PTC will use CGI All Payments, a proprietary, market-leading, cloud-based platform, to modernize and digitize its payments systems and expand its payment offerings for customers.

Payments have played a pivotal role in PTC's business since its founding. The implementation of CGI All Payments delivers a modern, payments platform that supports the company's multi-year, strategic growth plan. PTC, in partnership with CGI, is leading the path to create a more competitive payments industry in Canada.

"The modernization of our payment systems is key to our growth as an innovator in the Canadian payments space," said Bruce Duthie, CIO of Peoples Group. "We selected CGI to be our solutions partner as they understand the Canadian market and have proven experience in cloud-deployed solutions. CGI All Payments will help us to continue expanding our customer offerings in the payments space."

CGI All Payments helps banks rapidly deploy the payments orchestration, processing and network connectivity required to meet evolving market needs. Delivered as a software package or cloud-based platform-as-a-service (PaaS), CGI All Payments can be implemented quickly to enable banks to get ahead of the payments modernization curve. Banks that have selected CGI's solution have gone from project kick-off to end-to-end payments processing in as little as four months, speeding up their return on investment and business growth.

"Since the 1970s, CGI has helped clients be at the forefront of payments. Today, we support clients globally in transferring more than US$21 trillion in financial payments every day, including real-time payments. Our experience, combined with our services and solutions, helps banks modernize and stay ahead in the fast-changing payments world," said Robert Coakley, Vice-President of Payments Solutions at CGI. "It is great to partner with PTC while they break new ground as the first new direct ACSS participant in almost four decades. Leveraging our multi-entity capabilities and secure cloud deployment on Microsoft Azure, we will help PTC benefit from our cost-efficient, proven enterprise payments solution across all businesses within their group of companies."

About Peoples Group

Peoples Group has been providing tailored financial services to the Canadian marketplace for more than 35 years. Since 1985 their focus has been on exceptional customer service, solidly rooted in extensive product knowledge and experience. In the world of Canadian payments, Peoples Trust, part of Peoples Group, is a leading issuer of prepaid payment cards and an innovative merchant acquirer. They are an entrepreneurial organization that excels at customizing solutions to fit the needs of their clients. As a result, they have been recognized as a pioneer and innovator of prepaid cards in Canada, and an early adopter of payment solutions. They have partnered with many of Canada's Fintechs, giving them the tools and guidance to help realize their success. For more information, please visit www.peoplesgroup.com 

About CGI All Payments

CGI All Payments is cloud-proven payments platform built on global industry standards to ensure each client's business is future proof. It helps banks increase revenue by reducing transaction costs and time-to-market for new revenue streams. Bank customers also benefit from a wide range of payment choices and the ability to transfer and receive funds in real-time 24/7/365. As an integrated software platform for processing real-time, wire and ACH payments, CGI All Payments' built-in workflow engine automates the processing of payment transactions to reduce manual processing while improving straight-through processing (STP) rates across all payment channels.

About CGI

Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 84,000 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. CGI Fiscal 2021 reported revenue is $12.13 billion and CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at cgi.com.

View original content:https://www.prnewswire.com/news-releases/peoples-trust-company-chooses-cgi-all-payments-to-modernize-and-digitize-payments-systems-301584631.html

SOURCE CGI Technologies and Solutions, Inc.

FAQ

What is the significance of PTC becoming a direct participant in ACSS for CGI (GIB)?

This marks the first new direct participation in Canada's Automated Clearing Settlement System in nearly 40 years, enhancing CGI's strategic position in the financial services sector.

How will CGI All Payments impact Peoples Trust Company's operations?

CGI All Payments will modernize PTC's payment systems, allowing for expanded services and improved processing capabilities.

When was the partnership between CGI and PTC announced?

The partnership was announced on July 12, 2022.

What does CGI All Payments offer to financial institutions?

CGI All Payments provides a cloud-based payments platform for rapid deployment, modernizing payment processing and enhancing operational efficiency.

How does CGI All Payments benefit the Canadian payments industry?

It modernizes the payment infrastructure and enhances competition within the payments landscape in Canada.