CBA is delighted to announce that its IBAS GTF has been awarded the SWIFT Compatible Application Trade Finance Label for 2022.
From being the first solution to receive the SWIFTReady Gold Multi-Markets label in 1998 through to this year’s SWIFT Compatible Application label, CBA has been a long-term partner of Swift and has remained committed to adopting and sustaining industry standards across the entire global banking industry.
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. In addition to supporting the 2022 standards for Trade Finance SWIFT Messages (SWIFT MT4nn and MT7nn Messages), the latest version of IBAS GTF is fully compliant with the new SWIFT ISO 20022 Payment message standards (MX messages) which will now come into effect in March 2023.
IBAS GTF is developed using the latest technology and 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.
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