CORIBA is a high-end internet banking system developed for corporate and retail customers. Its main competitive advantages are the comprehensive nature, the complexity of banking services offered, the security of operations and its adaptability to your customers particular needs.
- Daily paying and receiving, corporate cash management
CORIBA covers both daily paying and receiving activity, as well as advanced cash management. Available through the internet, it allows a secure and flexible way of banking from any location on the Planet. User access provides proven convenience and customer satisfaction. Data can be accessed simultaneously from different offices of the same company, according to responsibilities and access abilities of each user.
- 6 countries in 9 languages
First introduced in 1999, today CORIBA runs in 6 countries in 9 languages, adapted to the local standards and customer practices. Compatible with SWIFT, Microsoft Excel, SAP and other relevant application standards.
CORIBA allows centralized operation covering several countries from one server environment, enabling a bank to offer a regional internet banking solution. Clients use a simple browser to access banking services. Security may include smartcards, key hardware or simple password. The above allow the operation of a very cost effective service, and further development at low cost and with frequent short response time.
- Data security solutions are audited by KPMG
Coriba provides the user the complete range of current account and cash management services, including:
- Statements of accounts: official (end of day), daytime (real time), statement reports for a particular period or selection criteria. By accounting or value date.
- Cash pooling: 3 level pools, individual account, company, holding. Merged accounts as agreed with the bank or user defined for simulation purposes. Foreign currency pools.
- Payment orders: local currency, RTGS, foreign currency, postal transfers, direct debit, mass payments, mass direct debits, incoming postal transfers. Lists, complex search and reporting facilities. Printing, import, export in standard or client specific formats. Partner database. Standing orders. Format and content controls, according to GIRO, PEK and SWIFT standards, cut-off time control, bank calendar. Efficient handling of large number of transaction, related ergonomy and user functions.
- Account reconciliation: automatic matching of transfers submitted through Coriba and executed or rejected by the bank (based on reports issued by the bank and/or end of day statement).
- Secure mail: secure mail between client users and the bank. Broadcast mail to all or a group of users, attachments. Authentication through digital signatures assuring the legal validity of client orders. Integration with the internal mailing system of the bank.
- "Low volume" transactions: capture screens enable the client to submit transactions (cash desk, loan/depo, treasury, documentary, custody operations). These transactions are converted to a mail message, authorized and transmitted with the digital signatures assuring the legal value of the order. New transactions and banking services can thus be introduced with very low investment and time to market (between 3-5 days for a new order). Today more than 30 such low-volume transactions are available.
- Rates, financial information: Coriba comprises a publishing facility where the bank can broadcast general or tailor-made financial information on exchange rates, market rates and indexes, including text or graphical presentation.
- Bank publications: rules of business, standard conditions, marketing materials, product descriptions, etc
- Cash Management: the company Treasurer uses a dashboard to monitor the financial position of all accounts and cash pooling structures, in real time. Search, reporting and simulation facilities are included.
- Accounts held with third party institutions: Coriba enables to access accounts held at third party institutions. The client may retrieve statements of accounts and issue payment orders affecting such accounts (handling SWIFT MT940 and MT101 messages), provided relevant contractual agreements exist. Coriba connects directly to the Alliance system used by SWIFT, without using the accounting systems of the bank. The commercial advantage of this service is to position the bank as the principal bank that provides a centralized access to all accounts of the client in a given country and abroad.
- User access and authorization: access and authorization rights of a particular user are configurable by account. Abilities to access account balances, detailed statements of accounts, capture, authorization, import and submission rights can be granted or revoked independently. All users to authorize payments have individual limits specific to the account. User groups may be defined (up to 5 users) with independent group limits, allowing joined or combined signatures. Signature rights for foreign currency transfers are based on exchange rates specified by the bank
- Auditing: all relevant financial, configuration and technical events are logged. Search and reporting facilities are included on both bank and client side
- Archive data: data stored on the bank server can be archived in compliance with legal requirements. The archiving policies are configurable by account
- Bank side modules: configuration and administration of Coriba, including data exchange through a bank side Administration Tool; Audit Log application for monitoring relevant audit logs; interfaces to bank legacy systems; SWIFT interface; Converter tool to produce client-specific interfaces and file formats. Planned: reporting on usage statistics and habits (STATISTICS), notification of users on predefined financial or systemic events (ALERT).
- Advanced banking services: Availability and completeness of banking services (replacement product, time to market).
- Secure banking: Advanced, scalable data security solutions. Audited by KPMG.
- References: Several years of live operation, several references, limited project risk (first installation in 1999, while competitor products are launched or still under development)
- Regional solution: adapted to 6 countries, a common image and product line can be offered to clients. Centralized operation. Multilingual: English, German, French, Hungarian, Czech, Polish, Russian, Slovak and Ukrainian version available, any new language can be added.
- Advanced cash management facilities: besides regular paying and receiving products, advanced cash management services, designed for senior management and company treasurers, other decisionmakers.
- Accessible from anywhere on the Planet: internet is used, all data and software are centralized in the bank. The client uses a simple browser, no software or data stored on his computer. Distributed workflows are supported, with decisionmakers sitting in different location.
- Very low operating costs. Low costs in operation and development. Frequent software updates make rapid product development and introduction of new client services possible
CORIBA commercial aspects
- Commercial opportunities resulting from new banking products: client acquisitions or turnover attracted by new products.
- Advantageous client pricing and/or better margin: lower operating and amortization costs per customer may result in better client profitability or better commercial/negotiating position.
- Frequency of software updates: software updates being cheap and rapid, new services can be added anytime, resulting in high flexibility and short response time to customer requests and product development initiatives.
- Possibility for international services: Bank accounts and services become accessible to regional or international cash management teams of large multinationals.
- Possibility for regional products: in case a bank selects the same solutions, clients may be offered similar, sophisticated banking products over the same platform. There may also be room for cost optimization through the centralization of (part of the) operations.
- Treasury prediction: all client transactions are stored on the bank server, in a centralized way, including those not submitted yet to the bank for execution. One consequence is that the bank thus acquires information on transactions under preparation by the client (ie in an earlier stage than sending), which may lead to more accurate Treasury previsions. This becomes increasingly significant if the number of such unsubmitted (future dated) transactions is high and customer habits tend not to change transaction dates.
- Direct, interactive contact with the client: the bank can build daily contact with decision-makers through the mailing and real-time information facilities.
- Centralized cash management: the bank becomes the primary entry point for the customer, able to consolidate the information coming from various sources, in Hungary or abroad. Simulation possibilities may produce a consolidated or analytical view over the financial position of the entire company, directly supporting decision-makers.
- Added value services: the bank can offer standard Coriba features as added value or comfort services. These can generate direct revenue or be used during commercial negotiations.
- Better customer service: the ease and accuracy of reporting, interactivity, the possibility for the client to intervene and submit orders 24 hours from any location will ultimately result in a better customer service, increased satisfaction and loyalty.