been chosen by Aktia Savings Bank in Finland to supply its IBAS Global Payment Factory, and also applications that include international payments, trade finance and accounting & general ledger.
Installation of the IBAS Global Payments Factory has already begun, and the
system will be running in the bank within 6 months. This step-by-step delivery and installation that sees the Global Payment factory in place by Summer 2003 concludes with the remaining applications in production by the end of the year.
According to Janina GrÃ¸nholm, Aktia Savings Bank Manager, SEPA (the Single
European Payment Area) is here to stay, and the bank must adapt to stay ahead. 'As revenues from payments will inevitably decrease, we have to focus on internal processes, and find straightforward cost saving solutions. We saw quickly that we had to focus on STP for our cross border transactions, initially looking at our operating costs to see how these could be reduced. Next we looked at what options were available to achieve the STP rates we wanted, and which systems incorporated the newest rules and regulations in the cross border transactions arena,' says GrÃ¸nholm.
Aktia Bank wanted a system that was compatible with its existing IT environment, and which was not mainframe based. The target was a very high
level of automation and flexibility, while keeping costs firmly in check.
The alternatives were outsourcing, in-house development or finding a
supplier that satisfied the bank's requirements.
"Aktia chose CBA's IBAS NGS solution because this was a modern concept that
had already achieved excellent STP results, and which had shown itself to be
very operationally stable. Moreover, costs were considerably lower than the
alternatives, for purchase, installation, implementation and running costs.
There was no reason to spend large amounts of money on research and
development when we could acquire finished systems from CBA for considerably
less expenditure," adds GrÃ¸nholm.
CBA's systems can be demonstrated and tested beforehand, and the experiences
from the pilot banks are particularly good. The time used to production
start is also less than the time taken to draw up a rough specification for
a new system. As such, the project's risk factor is minimal.
Pink Elephant PR
Telephone: +44 1484 341 001
Facsimile: +44 1484 341 003