CBA completes SEPA instant payments testing with EBA Clearing

As a result, its IBAS SIP - SEPA Instant Payment Solution can now support the processing of real-time payments for banks connecting to the EBA Clearing Instant Payment System.

IBAS SIP is a fully integrated component within Commercial Banking Applications’ IBAS GPF - Global Payments Factory – a real-time payment engine, built using object-oriented technology.

According to Commercial Banking Applications officials, a key differentiator for the IBAS platform is that it was built from the outset to handle end-to-end banking and payments processes in real-time. While many other vendors have typically created new separate, siloed solutions to handle instant payments that sit alongside and replicate other payments solutions within the bank – IBAS views instant payments as just another type of payment.

During end-to-end testing with EBA Clearing completed in early June 2018, IBAS GPF used web services to successfully look up, verify and handle the execution of the instant payment using EBA Clearing’s RT1 infrastructure. IBAS used EBICS as the transport mechanism and will support SWIFTNet once this is available in Q4 of 2018.

SEPA Instant Payment Solution from the European Payments Council has been made operational.at the end of November 2018.