BACS to be decommissioned in UniCredit Bulbank (Bulgaria)

UniCredit Bulbank AD
Summary: 
BACS will be decommissioned in UniCredit Bulbank (Bulgaria) in June 2023 and replaced with the Comans Custody system.
Wed, 31/05/2023
Following the strategic decision of UniCredit to substantially invest and as such replace its Global Securities Services IT platform BACS with a new IT solution, as well as considering the focus in 2023 on the system transition in Hungary and Austria and also the local market developments in Bulgaria, a project has been set up in UniCredit Bulbank to replace BACS by enhancing the main (local) custody system Comans Custody used by the bank aiming to provide a state-of-the-art solution for the clients.
 
This project’s first phase targets an implementation on 8 June 2023 after business hours and is comprised of the following amendments to the existing Comans Custody system:
  • SWIFT reporting setup for outgoing and incoming SWIFT messages.
  • Enabling the existing interface between Comans Custody and the SWIFT Alliance to handle bi-directionally all required SWIFT messages for reporting, settlement and corporate actions, i.e. MT53x, MT54x and MT56x.
  • Full setup and processing of settlement and corporate actions for SWIFT clients.
The above system change will also streamline adherence to required enhancements needed as a result of forthcoming local market developments, including TARGET2-Securities on boarding of local CSDs and the EUR implementation in Bulgaria.
 
Impact on investors: For information purposes