Norwegian software vendor Commercial Banking Applications (CBA), has launched the IBAS Instant Payments Solution to support the processing of real-time payments for European banks.
CBA has been listed as a Frontrunner Service Provider by EBA to support banks in connecting to the EBA Clearing Instant Payment System.
The IBAS Instant Payments Solution is a new component within CBA’s Global Payments Factory (GPF) – a real-time payment engine, built using the latest object-oriented technology. It enables banks to meet real-time requirements for the European Commission’s Single Euro Payment Area (SEPA) initiative.
Rolf Hauge, founder and CEO of CBA, said: “In today’s banking environment, real-time is a necessity, not a nice to have. The IBAS platform was built from the outset to handle end-to-end banking and payments processes in real-time. This makes it easy for IBAS to accommodate the needs of immediate payment schemes around the world. With legacy technology banks often have to find workarounds or look again at their entire architecture. IBAS helps banks avoid many traditional implementation issues and future proofs their business.
“CBA has a mission to help banks realise new levels of efficiency. Being named as a Frontrunner Service Provider is proof of this – helping to enable the Europe-wide roll-out of instant payment services and making them a reality for businesses and consumers.”
Unlike legacy hard-coded solutions, CBA’s approach gives banks maximum flexibility, openness and connectivity in handling all payment types. The IBAS Global Payments Factory is used by several banks across the Nordic region, as well as by OCBC Bank in Singapore to manage its international payments.