CBA, the Oslo based International banking automation software developer, is entering the UK payments market with a newly developed Global Payment Solution that can process banks international payments with a STP Quality Level of more that 80%. Uniquely, during development of its latest IBAS system, CBA took a two-year sabbatical from the International sales arena to allow the Company to concentrate its research & development resources on devising the Java-based and object-oriented platform.
IBAS comprises a modular suite of products, encompassing functions such as Trade Finance, Accounting Systems, Loan Management, Clean Payment and Forex & Money Market. The software's functionality is based on a single core system, which uses a series of integrated tables, rules and objects, presented within a common graphical user interface.
Because IBAS is Java based, the system is genuinely platform independent, and can integrate with any existing bank operating systems, including Unix and WindowsÂ® NT. IBAS uses industry standard SQL databases, and in addition only requires the installation of a Web server to facilitate access to HTML documents. Furthermore, IBAS's Java architecture provides key benefits that include integrated security, easy scalability and extremely low distribution and operating costs.
In developing this latest version of IBAS, CBA started from first principles, by devising a system that uses Java to access relational databases based on International standards such as SWIFT and ISO. This allows banking clients to adopt the IBAS system throughout their organisations, using a single solution for accessing and controlling payment message origination. The databases accessed include country databases, International Bank Account Number (IBAN) codes, currency & fund codes, accounting references and the ISO Data Field Dictionary for securities messaging.
Thanks to the exclusive use of Java, IBAS can operate on any bank's Intranet, Extranet or LAN, and even securely over the Internet. This makes IBAS ideal for the clean processing of banking transaction messages and information, using STP methodology. It also means that IBAS can be installed and implemented swiftly to provide a rapid return on investment, added to advanced parameterisation capabilities to enable specific client requirements to be addressed at low cost, without large development projects. Moreover, system behaviour can easily be adapted to deal with any changes in market conditions, allowing banks to maintain their competitive edge.
IBAS's operational stability and STP message processing rates have already been proven in existing installations, and have resulted in CBA being the only banking software developer to be awarded the SWIFTReady Gold label in Multi-Markets. Furthermore, CBA's faith in IBAS is underlined by the Company 's willingness to guarantee STP rates using IBAS for outward SWIFT payments - making it the only developer that can offer such a warranty. To enable CBA to achieve this, IBAS automatically corrects the top five offended STP rules, particularly important where there is a growing demand from banks and customers for End-to-End processing as a supplement to STP.
According to Rolf Hauge, President and CEO of CBA, the launch of IBAS in the UK heralds a new era for banks looking to reduce the costs associated with international payments. 'The forthcoming EC regulations on STP costings are set to place further pressure on banks transaction profit margins. Full automation with 100% STP and E2E transaction processing is the only way that banks will be able to minimise these costs, while offering enhanced levels of reporting and control. IBAS is made for bankers by bankers, and can guarantee institutions the highest STP Quality Rates available, enabling them to maximise their profit potential on these vital transactions,' he said.
For more information on IBAS from CBA, telephone the UK office on:
+44 20 7016 2615.