Landsbankinn integrates with CBA

Wednesday 6 March 2024 10:47 CET | News

Iceland-based Landsbankinn has announced its partnership with Norwegian software vendor CBA in order to use its IBAS BGF for the reduction of false positives. 

Following this announcement, Landsbankinn in Iceland will be enabled to benefit from the integration of Swift’s Transaction Screening Service (TSS) with the Commercial Banking Applications AS (CBA)’s IBAS GBF – the Global Banking Factory. This feature will be used by the financial institution in order to run its banking operations and capabilities in payments and trade finance securely and efficiently. 


Iceland-based Landsbankinn has announced its partnership with Norwegian software vendor CBA in order to use its IBAS BGF for the reduction of false positives.

More information on the integration

Throughout this strategic deal, the Swift TSS incorporation is expected to ensure that all incoming and outgoing messages, which are independent of banking products, are screened securely, efficiently, and in real-time against up-to-date sanctions lists during the overall IBAS business processing. At the same time, bank users and customers will be allowed to be alerted instantly if any suspicious action is taking place. 

IBAS GBF was developed in order to enable all message types (such as payments, trade finance, and other banking transaction methods) to be scanned in real-time through the use of Swot TSS, whether these are originating as MT messages or in ISO-compliant MX or SEPA format. In addition, the integration leverages REST APIs and the IBAS CLL (call) framework, which enables sanction screening to be automatically and safely executed. The integration will allow Landsbankinn to focus on the quality of its transactions, while also delivering efficiency savings, reducing the time spent on manual tasks, as well as remaining compliant with the regulatory requirements and laws of the local market.

IBAS GBF will also automate all follow-up actions while focusing on allowing transactions that pass the screening process to go straight through. This is expected to take place while those payments identified as potential fraud are held and automatically flagged for further investigations. 

By leveraging the ISO 20022 CBPR+, Landsbankinn is expected to be able to deliver significant benefits in the process of reducing false positives. At the same time, ISO 20022 CBPR+ will focus on providing distinct, well-defined, and detailed data elements in clear structures, as well as incorporating more elements and more space in order to meet the needs, preferences, and demands of clients in an ever-evolving market.

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Keywords: partnership, false positive, false declines, payments , banking, online banking, digital banking, mobile banking, financial services, financial institutions
Categories: Banking & Fintech
Companies: CBA, Landsbankinn
Countries: Iceland
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Banking & Fintech




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