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ABN AMRO Bank goes live with new release of IBAS, building on five-year collaboration agreement with CBA to automate trade finance processes
Norwegian software vendor Commercial Banking Applications AS (CBA), today confirmed that ABN AMRO Bank has gone live on the latest version of CBA’s IBAS GTF – Global Trade Finance Factory solution which the bank uses to run its global trade finance operations. The successful go live follows the signing of a five-year agreement between ABN AMRO Bank and CBA, giving both parties a solid foundation to continue collaborating and innovating in the automation of trade finance processes.
The five-year agreement signals ABN AMRO Bank’s ambitions to maintain its position as a leading and innovative player in trade finance leveraging IBAS GTF’s sophisticated functionality, high levels of automation and digitalisation.
The new release of IBAS GTF ensures all trade finance payments are routed to the bank’s central Payment Hub in full compliance with ISO 20022 CBPR+ standards. It also supports all other recent SWIFT updates, including features for handling Counter-Guarantees and Standby LCs. Going forward ABN AMRO will be using RESTFUL APIs built by CBA to enrich customer experiences and deliver convenient customer journeys.
Burak Aslan, Lead Product Owner Personal & Business Banking, Transaction Banking and Trade Finance at ABN AMRO Bank said: “Our close partnership with CBA ensured that the roll out of the latest release of IBAS GTF went smoothly. The successful roll-out marks the first deliverable of our renewed five-year partnership. As a result of our close collaboration we expect to benefit from increased efficiency and automation, lower operational risk and a reduction in our total cost of ownership. The new developments will allow us to onboard new customers more quickly and further improve the customer experience, putting us in a good position to scale our global trade finance operations.”
Rolf Hauge, CEO, CBA added: “Our mission at CBA is to help banks realise real efficiency savings, using our software to streamline and simplify their global banking operations. The five-year development and co-operation agreement between CBA and ABN AMRO Bank is a result of the deep and successful business relationship we have created and embodies a further long-term commitment from both parties.”
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