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.
The SWIFT community has decided to adopt ISO 20022 for the cross-border payments and reporting messages, enabling end-to-end quality data through the full payment value chain. The industry will transition from the FIN (Cat 1,2,9) standards developed in the 1970s for cross-border and reporting to ISO 20022 over a coexistence period of 3 years starting November 2022 and ending November 2025, using usage guidelines provided by the Cross-Border Payments and Reporting Plus (CBPR+) group of experts.
In October 2020, CBA successfully self-attested that its IBAS Systems were “ISO 20022 CBPR+ ready”. Company and product details are published on SWIFT’s ISO 20022 adoption programme page.
Full ISO 20022 functionality will be rolled out as part of the IBAS Annual Release for 2022. However, with development already underway, CBA will roll out some functionality as part of the IBAS Annual Release for 2021 – giving customers the chance to start familiarising themselves with the coming changes a year before the mandatory transition period begins.
- 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.