CBA & ABN AMRO Bank triumph in two categories at the IBSi GFIA 2024

By Gloria Mathias

Norwegian software vendor Commercial Banking Applications AS (CBA) and ABN AMRO Bank have been announced as winners in two categories at the recent IBS Intelligence Global FinTech Innovation Awards 2024.

Recognition was achieved for ‘Best Program Vision’ in the ‘Best Transaction Banking Implementation’ category and also for ‘Most Impactful Project’ in the ‘Most Innovative Use of Process Automation’ category.

The awards recognise the successful implementation of the Transaction Due Diligence (TDD) functionality available within CBA’s IBAS GBF—Global Banking Factory software—at ABN AMRO Bank earlier this year. The bank is actively using the solution across its global trade finance operations to monitor transactions and flag suspicious activity, helping to combat financial crime and ensure full compliance with national and international regulations.

Nikhil Gokhale, Director, Research & Digital Properties at IBS Intelligence, congratulated CBA and ABN AMRO Bank said, “CBA’s IBAS Global Banking Factory, with its advanced Transaction Due Diligence capabilities, has transformed compliance and operational efficiency for ABN AMRO. By automating complex trade finance checks, the solution not only ensures full regulatory compliance but also accelerates transaction processing, reduces operational costs, and enhances the bank’s ability to prevent financial crime effectively.”

Rolf Hauge, CEO of CBA, said, “We are thrilled to win these two awards in partnership with ABN AMRO Bank since our teams collaborated very closely in developing and rolling out the IBAS TDD functionality. Transaction due diligence will be essential for every bank in the future as requirements from domestic and international regulators increase. ABN AMRO is forward-thinking in using IBAS to automate the transaction monitoring and compliance process, helping to cement its position as a leading and innovative player in trade finance.”