SingaporeIBAS GPF - Global Payments Factory was awarded the SWIFT accreditation in recognition of its compliance with the SWIFTReady criteria, its integration with the SWIFT environment, and the solution’s contribution to creating more efficient payments operations. 

The award also validates CBA’s ongoing commitment towards adopting and sustaining industry standards across the entire global payments 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.  This label was revalidated for each consecutive year until it was phased out by SWIFT in 2009, and is now replaced with SWIFTReady Payments Label. 

Rolf Hauge, President & CEO of CBA commented: “The SWIFTReady Payments Label 2011 award for IBAS GPF is further evidence of our innovation and product excellence in the global payments space.  It demonstrates the ongoing investment CBA makes in its IBAS solutions, enabling banks and other institutions to reduce their transaction costs while at the same time gaining optimal efficiency through close to 100% STP end-to-end transaction processing rates.”

“CBA continues to work with SWIFT to drive the market forward for the benefit of our customers.  IBAS GPF is an example of CBA’s continuing commitment to offering a standards-based approach to automate global payment processes.  This latest SWIFTReady accreditation gives our customers and other institutions even greater assurances that IBAS GPF adheres to specific SWIFT criteria to deliver a complete, integrated payments business solution.”  Hauge continued.

IBAS GPF is used by a number of banks around the world, including Oversea-Chinese Banking Corporation (OCBC Bank).  IBAS GPF provides OCBC Bank with one single global payments package, covering all areas of payments.  The Bank was recently voted ‘World’s Strongest Bank’ by Bloomberg Markets 2011.

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