CommBank hits core banking milestone

By Suzanne Tindal, on December 16th, 2010

As of last weekend, all of the Commonwealth Bank’s retail accounts have been moved to its new SAP-based core banking system, according to the bank’s CEO Ralph Norris.

“We have converted all of our retail accounts, so all of our deposit accounts, transactional accounts, term deposits, savings accounts and … internet accounts onto this new platform,” Norris told a Senate Committee today.

The result is that any transaction which occurs between these accounts should occur in real time. Unfortunately, transactions between banks won’t be in real time.

“We converted the last of those accounts last weekend and we now have all of our retail accounts now operating real time, so any transaction that takes place anywhere within our banking network will be registered instantly.”

Merchant accounts would be able to enjoy the real-time banking from the end of 2011, according to CommBank. This will allow real-time recognition of takings, even on weekends.

The bank had completed moving over its term deposit accounts in March this year, but had yet to tackle the savings and transaction accounts.

The systems upgrade is part of a now over $700 million core banking revamp being carried out with the help of SAP and Accenture to modernise the bank’s central systems.

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