CBA, the Oslo-based international banking systems vendor, is entering the UK payments market with a next-generation platform which the vendor claims can process banks international payments with STP rates of above 80%.
CBA's re-emergence on the international sales circuit follows a two-year post-Y2K hiatus, during which it concentrated its research and development efforts on upgrading its Ibas system to a Java-based and object-oriented platform.
Ibas comprises a modular suite of products, encompassing functions such as trade finance, accounting systems, loan management, clean payment and forex & money market. The software's functionality is based on a single core system, which uses a series of integrated tables, rules and objects, presented within a common graphical user interface.
As a Java-based system the package can integrate with any existing bank operating systems, claims the vendor, including Unix and Windows NT, and is database independent.
The system uses Java to access a series of relational databases for accessing and controlling payment message origination. The databases accessed include country databases, International Bank Account Number (IBAN) codes, currency & fund codes, accounting references and the ISO Data Field Dictionary for securities messaging.
As part of its UK promotional push, CBA says it will guarantee STP rates of 80% and over for banks using Ibas for outward Swift payments.