CBA scores trade finance deal with ABN Amro
28 October 2010 | 4045 views | 0
CBA, a global provider of banking IT solutions and services, today announced that ABN AMRO Bank N.V. has selected its IBAS Global Trade Finance Factory (IBAS GTF) for deployment at the bank's headquarters in the Netherlands and across its international branches.
According to the bank, the main objective is to offer highly sophisticated and flexible trade finance services to its global customers using one single system, situated in the Netherlands.
IBAS GTF is a modern IT solution developed with the latest technology and offers a wide range of advanced functionalities and business coverage. It has been developed from the outset to be flexible and adaptable, enabling fast implementation at banks without the need to undertake large and expensive development projects. Additionally, the modern technology approach utilised allows banks to quickly bring new products to market, in multiple geographic areas with minimum effort, time, risk and cost.
Banks in today's climate know that their customers demand the most sophisticated products, combined with the highest levels of customer service. The challenge is to achieve this whilst keeping operational costs to a minimum. CBA are helping banks, like ABN AMRO, to implement new products and prices easily and with a minimum investment of time and effort. IBAS allows a bank to implement the same levels of solution sophistication in any market it enters into, using one single method of handling the business, whilst also adapting to local market requirements. Customisation of IBAS can be undertaken using a bank's own in-house expertise, eliminating the need to undertake time consuming and expensive outsourcing.
"Our priority was to find a "packaged" solution that could meet a number of specific requirements. Following detailed evaluations of what IT solutions are available today, we selected the IBAS system as we are confident that IBAS and CBA can meet our needs now and in the future." said Jos Kuijpers, Head Transaction Banking LC & MB, of ABN AMRO Bank N.V.
"It was fundamental that the solution ran a global operation from one single IT centre, using one single set-up of the IT Solution and ion and the expertise surrounding it. The implengle IT centre, using one single set-up of the IT Solution and ion and the expertise surrounding it. The implementation project will be carried out from our IT centre in the Netherlands, including the training of business staff for each specific country. ABN AMRO is impressed so far with the wide functionality and the flexibility of IBAS GTF, and the speed at which it can be implemented. We are looking forward to a long and continued relationship." He continued.
While many banking operations, like payments, are becoming increasingly automated, trade finance transactions are still typified by a great deal of manual processing. Each step of the process (importer-to-bank, bank-to-bank and bank-to-exporter) takes time and creates significant scope for error. This results in documents being sent back and forth, often many times, creating further delays.
IBAS GTF will facilitate a number of integrations on behalf of the bank, such as the core banking system, SWIFT Messages, the Bolero messaging system and all of the bank's frontend systems.
Rolf Hauge, President & CEO at CBA said: "We are delighted that ABN AMRO has selected our IBAS GTF solution, part of the IBAS Global Banking Factory suite of solutions. It further reinforces the confidence that global banks have in our offerings."
"IBAS GTF will help generate tangible business advantages immediately after implementation. These include: having the tools to easily customise the system, without any intervention from CBA, and bringing new products to market in days rather than months; significantly reducing operational costs; and increasing transaction processing. This can all be done without compromising or affecting the system source code. Resulting in, whatever branch or country ABN AMRO chooses to install IBAS GTF and whatever country customisations are made, the system remains completely in-tact. Once again, we are delighted to be working with such an important bank and we look forward to working with them long into the future." Hauge continued.