CBA, a global provider of banking IT solutions and services, is delighted to announce that its IBAS GTF has been awarded the SWIFT Compatible Application Trade Finance Label for 2020.
SWIFT Compatible Application labels are awarded exclusively to providers that deliver quality services and products to their customers while acting in accordance with the highest professional standards. This latest award validates CBA’s ongoing commitment towards adopting and sustaining industry standards across the entire global banking industry.
CBA has been a long-term partner of SWIFT. IBAS was the first solution to receive the SWIFTReady Gold Multi-Markets label in 1998, and was revalidated by SWIFT for each consecutive year until they phased it out in 2009 when it was replaced with SWIFTReady labels, followed by the SWIFT Certified Application labels and now the current SWIFT Compatible Application labels.
Developed using the latest technology, (the microservices-based architecture employs reusble components), IBAS GTF provides the flexibility, scalability and openness to deploy one single trade finance engine across an entire institution. The solution removes geographical and technological constraints, and supports a multi-branch, multi-entity and/or a global multi-country set-up, with simple integration to other key systems. It is designed and developed to handle any country, currency, language, bank, branch, division, product, time-zone, business type, message type, entity, channel and has ready-made interfaces to clearing and account management systems.
As a global package solution, which allows the option of running a multi-country set-up on a single system with one single worldwide source code, IBAS GTF automates almost every step of the trade finance business flow, with integrated workflow management, service level management and electronic document management systems. It is designed to satisfy and support the complete processing and reporting needs for documentary credits, collections, guarantees and reimbursements. It also includes the full range of SWIFT MT798 Corporate to Bank (C2B) and Bank to Corporate (B2C) messages.
IBAS GTF and its validation as a SWIFT Compatible Application reflects CBA's ongoing commitment both to its partnership with SWIFT and to its efforts to help customers enhance efficiency and reduce costs in their day-to-day operations.
For more information, go to IBAS GTF - Global Trade Finance Factory