CBA $580m modernisation ahead of schedule

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CBA $580m modernisation ahead of schedule

Number of key milestones expected this year.

The Commonwealth Bank of Australia's $580 million four-year core banking modernisation project is running ahead of schedule, it said today.

The announcement was made in a 109-page profit announcement released today.

There were references to the project in other financial documents referring to it being "on schedule".

The bank said it was conducting live trials for three applications and foreshadowed "a major rollout of deposit projects" early this year.

"The group's largest single investment, the four year Core Banking modernisation, remains on schedule at its halfway stage and will achieve a number of key milestones this year including migration of all transaction and deposit accounts to the new system," the bank said in a statement.

The news came days after reports the bank had embarked on an infrastructure consolidation project that analysts predicted would save it "mega-bucks".

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