Finnish Bank Adopts CBA Solution For STP
Oslo-based banking software developer CBA has been chosen by Aktia Savings Bank to supply its IBAS Global Payment Factory. CBA will also provide applications for international payments, trade finance and accounting and general ledger. Installation of the IBAS Global Payments Factory has already begun, and the system will be running in the bank within six months. This step-by-step delivery and installation, which will see the Global Payment factory in place by Summer 2003, concludes with the remaining applications entered into production by the end of the year. According to Janina Grønholm, Aktia Savings Bank Manager, banks need to accept the development of the single European payment area. ‘As revenues from payments will inevitably decrease, we have to focus on internal processes, and find straightforward cost saving solutions. We saw quickly that we had to focus on STP for our cross-border transactions, initially looking at our operating costs to see how these could be reduced,’ said Grønholm.