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Digital Identity, Security & Online Fraud

CBA rolls out new business objects for real-time sanction screening and AML control

Tuesday 18 June 2019 | 11:00 AM CET

Commercial Banking Applications (CBA), a Norway-based software vendor, has rolled out new business objects for real-time sanction screening and AML control.

As a result, the latest release of its IBAS GBF software, including IBAS GPF - Global Payments Factory and IBAS GTF - Global Trade Finance Factory now incorporates two new objects that allow real-time automated checking of business transaction events against Sanction Screening and AML systems.

The two objects, Embargo List Control (ELC) and Anti Money Laundering (AML), ensure that the relevant controls are carried out on each business event initiated by the bank, and not just on incoming and outgoing SWIFT MT103 messages.

CBA ensures that relevant controls are carried out in real-time for each business event, independent of the type of incoming or outgoing messages that are handled. Execution of the entire business event, including routing, pricing, exchange rates, funds control, booking, clearing and accounting entries only take place once the business event has passed the sanction screening and AML controls.

Headquartered in Oslo, Norway, CBA provides banking software to complex global banking operations. CBA’s IBAS Global Trade Finance solution encompasses modules for handling payments, loans and financing, factoring and invoicing and account management.

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