CBA releases new edition of IBAS Global Trade Finance Factory tool

Friday 1 March 2019 00:05 CET | News

Norway-based software vendor Commercial Banking Applications has launched IBAS Global Trade Finance Factory, in compliance with SWIFT Release 2018.

Release 10.23 of IBAS GTF incorporates all changes mandated by SWIFT to its Messages for the handling of Documentary Credits. The new IBAS Release enables a high-level of automation, digitisation and robotisation of the processes from end-to end, across the trade finance ecosystem.

Given the scale of the mandatory changes to SWIFT’s MT7XX series for Documentary Credits, CBA worked with banks such as ABN AMRO to implement the changes in advance of the switchover on 18 November 2018.

CBA’s Release 10.23 of IBAS GTF also incorporates changes to the IBAS Customer Front End solution, designed to help guide customers less familiar with SWIFT message formats intuitively through the process. This ensures the required information is captured in the correct fields for processing – minimising the need for any manual intervention further downstream.

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Keywords: Commercial Banking Applications, IBAS Global Trade Finance Factory, IBAS GTF, trade finance, SWIFT, document credits, SWIFTs MT7XX, ABN AMRO, trade finance tool, Norway, Europe
Countries: World