ABN AMRO Bank has gone live on the latest version of Norwegian software vendor Commercial Banking Applications (CBA)’s global trade finance factory solution, IBAS GTF, for the automation of trade finance processes.
The Dutch bank uses the solution to operate its global trade finance operations.
ABN AMRO Bank’s go live comes after the signing of a five-year agreement with CBA.
The agreement has given both parties a solid foundation to continue partnering and innovating in the automation of trade finance processes, said CBA.
CBA CEO Rolf Hauge said: “Our mission at CBA is to help banks realise real efficiency savings, using our software to streamline and simplify their global banking operations.
“The five-year development and co-operation agreement between CBA and ABN AMRO Bank is a result of the deep and successful business relationship we have created and embodies a further long-term commitment from both parties.”
According to CBA, the five-year agreement demonstrates the Dutch bank’s aim to maintain its position in trade finance by utilising IBAS GTF’s advanced functionality as well as high levels of automation and digitalisation.
Through the release of IBAS GTF, it is assured that all trade finance payments are routed to ABN AMRO Bank’s central payment hub in full compliance with ISO 20022 CBPR+ standards.
Besides, the release supports all other recent SWIFT updates such as features for handling counter-guarantees and standby letters of credits (LCs).
ABN AMRO is expected to leverage RESTFUL application programming interfaces (APIs) developed by CBA to enhance customer experiences and offer convenient customer journeys.
ABN AMRO Bank transaction banking and trade finance, personal and business banking lead product owner Burak Aslan said: “The successful roll-out marks the first deliverable of our renewed five-year partnership. As a result of our close collaboration we expect to benefit from increased efficiency and automation, lower operational risk and a reduction in our total cost of ownership.
“The new developments will allow us to onboard new customers more quickly and further improve the customer experience, putting us in a good position to scale our global trade finance operations.”
