A lot of exciting developments are taking place in the financial sector. Commercial Banking Applications has successfully completed testing of instant payments with EBA Clearing. As such the Norwegian software vendor can now officially support the processing of real-time payments. This is a big development for any bank connecting to the EBA Clearing Instant Payment System.
Instant payments are quickly becoming the new normal all over the world. This is especially notable in Europe, as a lot of changes loom on the horizon. Thanks to Commercial Banking Applications successfully testing the instant payments with EBA Clearing, an important milestone has been achieved. It will help transform the payments industry across all of Europe moving forward.
More Instant Payments Support in Europe
Because of this successful trial, banks and other financial service providers can benefit from instant payments. As more software vendors complete this integration, the financial ecosystem will continue to evolve. Additionally, these changes will allow for more competition, which is something everyone can get behind. The financial sector direly needs to evolve, but it seems things are coming together as we speak.
CBA CEO and founder Rolf Hauge comments:
“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 simply another type of payment. All the business objects and interfaces required to handle instant payments already exist within IBAS GPF – with no need to duplicate or build new ones. This dramatically reduces complexity and removes the need for additional systems hardware. It also delivers significant cost savings, both during the initial implementation of the project and for subsequent upgrades, when compared with the replicated and siloed solutions of many other vendors.”
Various banks across the Nordic region make use of the IBAS Global Payments Factory. Additionally, OCBC bank in Singapore also relies on this software package for its international payments. All of these institutions can begin experimenting with instant payments pertaining to the EBA CIPS. Future proofing the business models of all of these banks is the number one priority, after all.