The financial sector’s continued cost pressures, competition and regulatory changes are all biting into profits and bringing IT infrastructure and its handling of payments under the microscope.
Expansion in globalisation, international trade and cross-border currency flows continues. As economic growth resumes, this trend will accelerate. The most forward-looking institutions have recognised that by harnessing modern payments systems they will eliminate unnecessary expenditure, increase volumes, meet ongoing regulatory demands and increase competitiveness.
The cry has been for highly automated and sophisticated banking systems based on the most modern IT architecture capable of fulfilling the significant demands of the community. With over 25 years of experience providing global payments solutions to banks, IBAS GPF has answered these requirements.
CBA has consistently completed the yearly certification process from SWIFT in recognition of its compliance with SWIFT's certification criteria, its integration with the SWIFT environment, and the solution's contribution to creating more efficient payments operations and management. CBA has an ongoing commitment towards adopting and promoting industry standards for the entire global payments industry.
IBAS GPF reflects a vast experience in global banking markets; its functionality is continually upgraded.
Universal Confirmations for SWIFT MT103
SWIFT have advised that as of 2020 all financial institutions will have to support universal confirmations, i.e. "financial institutions receiving cross-border payments (MT 103 messages) will have to confirm when a payment has been credited to the account of the beneficiary".
CBA is a SWIFT "gpi compatible vendor" and has already developed functionality for universal confirmations. This will be available in the IBAS Annual Release in September 2019, allowing IBAS User Banks the option to benefit from the functionality a year before it becomes mandatory.
- Customer credit transfers (MT103 and MT202 COV), outwards and inwards
- Financial institution transfers (MT202), outwards and inwards
- Multiple financial institution transfers (MT201 and MT203), outwards and inwards
- Multiple customer credit transfers (MT102), outwards and inwards
- Domestic and cross-border transfers
- Request for customer credit transfers (MT101), outwards and inwards
- Third party bank registration of customer credit transfers
- Cashier orders and demand drafts
- Cross border and domestic bulk payments
- Funds transfers
- Incoming and outgoing SEPA direct debits & credit transfers
- Securities payments executor
- FINPAY transactions
- Cheque settlements
- Extremely short implementation period
- Low implementation costs
- New releases with low operational costs
- Best practice international industry protocols and standards
- Guaranteed efficiency and flexibility
- Improved and increased customer service
- Greater business volumes and capability
- Increased accuracy and productivity
- Full future flexibility
The modular nature of IBAS GBF - Global Banking Factory means that it can range from a total banking system to a specialist system for a niche product area, such as payments. Learn more about IBAS GBF below.