BACS to be decommissioned in UniCredit Bulbank (Bulgaria)

UniCredit Bulbank AD
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