New Alliance in the IT Products Market for Financial Institutions
The Center of Financial Technologies Group and the CSBI Group signed an agreement for a strategic partnership in the banking software sector. The companies joined their resources and efforts for implementation of a large-scale project. The project involves implementation of CFT-Bank — new generation banking software for the banks using IBS Banker/PRO (developed by the CSBI Group).
The plan implies a wide range of joint actions to be taken by CFT and CSBI professionals, including pre-project surveys of credit institutions, import of data from IBS Banker/PRO into CFT-Bank, and marketing campaigns. The CSBI Group professionals will play the key expert role during the implementation of the CFT-Bank system in credit institutions. The CSBI customers will get all the benefits of the system on special conditions.
IBS Banker/PRO is one of the longest surviving software in the Russian banking automation services market. Although the IT solutions for the system were developed back in the 90s, they have supported business processes in many Russian banks, including the leading ones. However, this early advantage can now be considered a limitation of its effectiveness. Striving to provide its customers with cutting-edge solutions, the CSBI Group has proactively searched for alternatives to replace its IBS Banker/PRO since 2008. Many systems were tested, including those offered by overseas developers, and the CFT Group’s solution was acknowledged as the best in many ways.
A plan for a changeover to the CFT platform will be offered to all Banker/PRO users. It will arm banks with one of the best banking systems involving minimum processing risks and maximum support of recent investments. Implementation will be completed by 2014.
Alexey Makeenkov, Director General of the CSBI Group, states: ‘Historically, the CSBI’s activities were focused on IBS Banker/PRO. Nowadays, we have created the CSBI Group’s Center for Banking Technologies based on the existing CSBI. This way we fostered development of our products and achieved significant expansion of the product mix with our own developments and solutions from the world-known vendors. We are acquiring new practices, products and technologies, and developing partnerships with foreign and Russian companies on a regular basis. Our alliance with CFT is a large step forward, thus we will provide our customers with one of the newest hi-tech banking systems on the best possible conditions.’
‘Partnership with the CSBI Group is a mutual and promising cooperation,’ notes Andrey Visyashchev, the CFT Group’s Chairman of the Board, ‘CSBI has a large customer data base, knowledge base and highly competent personnel, while CFT contributes the newest Platform and Applications that meet current global standards. Cooperation with CSBI will expand the range of credit institutions that might install CFT-Bank. Our partner will in turn benefit from this collaboration by offering CSBI customers the full range of functions inherent in CFT’s cutting-edge developments to build state-of-the-art IT infrastructure in line with the most daring strategic plans.’
The first project put into practice within the strategic partnership is the implementation of CFT-Bank (Platform 1) in Bank Saint-Petersburg. Large-scale IT upgrade based on CFT’s solution will be completed by January 2012. It will involve the building of a unified centralized system joining the Bank’s Head Office and its five branches in Moscow, Kaliningrad, Nizhny Novgorod, Priozersk, and Kirishi.
The CSBI Group is a group of companies that offers innovative IT solutions for the private and public sector. The CSBI Group brand joins IT companies with extensive experience in the implementation of complex projects that require an individual approach and in-depth assessment, as well as a successfully replicated products. The CSBI Group’s product line includes its own developments and solutions from the world famous leaders in the banking automation sector. The company provides a wide range of IT services, including information security, outsourcing, and system integration. The CSBI Group is a second company among the TOP 100 Russian IT companies in terms of growth based on its 2010 performance. Official website is www.csbigroup.ru
Bank Saint-Petersburg, OAO (General License of the Bank of Russia No. 436 of September 19, 1997) is one of the largest banks in the north-west of Russia and the third largest bank in Saint-Petersburg. The Bank’s history started more than 20 years ago as a specialized state-owned bank. Currently, it is the leading credit institution in the north-west of Russia. The Bank proactively seeks for cooperation with international financial institutions and opens new ways for bank-to-bank transactions, trade financing and crediting. In 2007, the Bank leaped forward through a successful IPO. Official website of the Bank is www.bspb.ru