Chinatrust Commercial Bank licenses Financial Objects' ibis s2 for NY branch

Source: Financial Objects

Financial Objects, a leading provider of advanced technology solutions for banking, wealth management and energy, has today announced that Chinatrust Commercial Bank (CTCB) has licensed its ibis s2 Internet Banking solution to provide internet banking services to its retail and corporate banking customers.

The deployment of the internet banking service at CTCB's New York branch will give customers real-time access to their accounts 24/7 and allow them to carry out transactions in a secure and controlled environment that delivers efficiencies for CTCB and its customers.

An existing ibis customer, CTCB chose the multilingual Internet Banking module from Financial Objects after considering a number of other market offerings. The software's compatibility with CTCB's existing ibis system means that no major upgrades or modifications are necessary.

This internet banking functionality will allow CTCB customers to view account balances and monitor activity in real-time and to make funds transfers, standing payments, deposits and currency transactions. ibis s2 Internet Banking also gives customers the option to work offline to prepare requests and payments before authorising and transferring the items to the bank.

Once live, ibis s2 Internet Banking will also record CTCB customer requests for a range of processes that include: bank account opening; information requests; overdraft and credit applications; advising the bank of changes in personal details; and issuance requests for bankers' acceptances or letters of credit.

From a security perspective, ibis s2 Internet Banking will meet the FFIEC requirement for multi-factor authentification. CTCB has selected certification through a Certificate Authority which requires customers to have a specific key for digital certification and PIN identification. ibis s2 will interface with the certification technology to ensure a secure authentication process is followed before payments can be completed. Following authorisation, straight-through-processing will be applied to all payments.

"Our solution will give CTCB a secure environment for internet banking, as well as delivering cost efficiencies by fully automating online transactions," said David Carruthers, group development director at Financial Objects. "CTCB's internet banking service, which will fully reflect the bank's corporate branding, will also increase contact opportunities with customers, and allow the bank to further enhance customer service."

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