CBA, the Oslo-based International banking automation software developer, has
been selected by Landsbanki of Iceland to supply its IBAS Global Payment
Factory (GPF) to handle the bank's cross border payments.
Landsbanki is the fourth bank to acquire IBAS GPF. The system is already in
full production at two of these banks, and is showing excellent STP & E2E
The installation project of CBA's IBAS Global Payment Factory at Landsbanki
began in February 2003, and includes a number of applications within the
IBAS Clean Payment product portfolio. With implementation proceeding
according to schedule, it is anticipated that deployment will be completed
within six months, while all the IBAS objects and applications ordered by
the bank will be in production by Summer 2003.
CBA's supplier relationship with Landsbanki began in 1993, and this latest
contract builds on the earlier supply of IBAS applications that include
Forex and Money Market, Trade Finance, Financing & Loan Administration and
Vostro/Nostro Accounting product areas.
According to Rolf Hauge, President and CEO of CBA, having seen the benefits
that a clean payment system can bring to STP payment rates, Landsbanki was
eager to implement the IBAS Global Payment Factory. 'As a CBA customer for
ten years, Landsbanki was aware that our software could bring about
considerable time and hence cost savings. When the time came to invest in a
new Straight Through Processing payment solution, CBA's IBAS NGS was the
natural choice. The IBAS Clean Payment product set offers End-to-End STP
rates of up to 100 percent, making it perfect for banks that are looking to
drive their processing costs down to a minimum,' he says.
'The full range of IBAS Global Payment Factory products can be demonstrated
and tested by banks prior to placing an order, and those banks with which we
already have in production projects have been very positive about IBAS NGS.
And, with the time to production start being less than the time taken to
draw up a rough specification for a new system, the project risk factor is
minimal,' concludes Hauge.
Pink Elephant PR
Telephone: +44 1484 341 001
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