diff --git a/pom.xml b/pom.xml
index 9f34dd25..34220f04 100644
--- a/pom.xml
+++ b/pom.xml
@@ -13,12 +13,12 @@
 	<parent>
 		<groupId>org.springframework.cloud.stream.app</groupId>
 		<artifactId>stream-applications-build</artifactId>
-		<version>1.1.2-SNAPSHOT</version>
+		<version>1.2.0-SNAPSHOT</version>
 		<relativePath/>
 	</parent>
 
 	<properties>
-		<revision>1.1.2-SNAPSHOT</revision>
+		<revision>1.2.0-SNAPSHOT</revision>
 	</properties>
 
 	<modules>
diff --git a/spring-functions-parent/pom.xml b/spring-functions-parent/pom.xml
index 76daf348..215d4cfd 100644
--- a/spring-functions-parent/pom.xml
+++ b/spring-functions-parent/pom.xml
@@ -15,7 +15,7 @@
 	<packaging>pom</packaging>
 
 	<properties>
-		<spring-cloud-function.version>3.1.5</spring-cloud-function.version>
+		<spring-cloud-function.version>3.2.1</spring-cloud-function.version>
 		<spring-cloud-fn.version>${project.version}</spring-cloud-fn.version>
 	</properties>