Vantage Bank Texas Selects CGI for Payments System Modernization
CGI (NYSE: GIB, TSX: GIB.A) announced that Vantage Bank Texas has successfully implemented CGI All Payments as part of its digital transformation strategy. This solution replaces legacy FedWire and ACH systems, facilitating real-time payments and enhancing operational efficiency. The project was executed in just four months, enabling Vantage Bank to better meet customer expectations and future-proof its payment systems. CGI All Payments aims to reduce transaction costs and improve service availability while ensuring security through Microsoft Azure.
- Vantage Bank Texas completed the implementation of CGI All Payments in four months.
- CGI All Payments replaces outdated FedWire and ACH systems, enabling real-time payments.
- The solution enhances operational efficiency and customer experience.
- CGI's services are hosted on Microsoft Azure, ensuring high security.
- None.
CGI (NYSE: GIB) (TSX: GIB.A) today announced Texas-based Vantage Bank Texas has deployed CGI All Payments as part of the community bank’s digital transformation.
CGI All Payments (APS) will underpin the Bank’s cloud-based digital modernization journey. APS replaces Vantage Bank’s legacy FedWire and ACH processing solutions, as well as positions the bank for real-time payments. This move will enable the bank to focus on differentiating their business offerings in order to meet their strategic growth objectives, while realizing unrivalled levels of service, availability, agility and most importantly, security from the CGI All Payments service in Microsoft Azure.
Vantage Bank’s transformation, like many other financial institutions, started with the need to replace aging and costly legacy solutions, at the same time positioning itself for future business growth. CGI worked closely with Vantage Bank Texas to define a plan of action to meet their short and long term needs. Four months after selecting CGI, Vantage Bank Texas is live with CGI All Payments.
“Our customers expect a better user experience. To deliver on those expectations, we partnered with CGI to improve efficiencies in payments processing with a modern, flexible solution,” said Shawn Main, Chief Business Architect at Vantage Bank Texas. “The goal of the project is to future-proof our payment systems while offering customers a wider range of payment and transfer options.”
“Payments are the foundation that every bank is built upon, and getting it right is critical. Choosing the right platform – a payment services hub that is modern, flexible, scalable – is fundamental to a bank achieving their growth strategy,” states Gareth Lodge, Senior Analyst, Celent. “Utilizing it then in the cloud can accelerate and multiply the benefits.”
“The increasing demand among financial customers for highly personalized data and payment options across a growing array of digital channels is challenging bank legacy systems,” said Robert Coakley, Vice-President of Payments Solutions at CGI. “Whether the goal is to deliver distinctive payments experiences, provide real-time payment options or meet compliance mandates, we are working side-by-side with global financial institutions and vital community banks, like Vantage Bank Texas, to chart a path forward for payments transformation solutions that are fully vetted for security and compliance across all platforms including public cloud.”
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.
About CGI
Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 76,000 consultants and other 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 2020 reported revenue is C
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