APF GRANTUM JSC (Kazakhstan): business processes are supported by program product “CFT-Pension Fund”
One of Kazakhstani major accumulative pension funds – Accumulative Pension Fund GRANTUM Joint Stock Company (Subsidiary of Kazkommertsbank JSC) (hereinafter – APF GRANTUM JSC, Fund) and CFT have successfully implemented the project of implementation of the system “CFT-Pension Fund” into the Fund IT infrastructure. The system provides technological support of a wide range of business processes in the pension provision sphere.
Today APF GRANTUM JSC is among TOP-4 Kazakhstani major accumulative pension funds and is the republic’s absolute leader in the average pension accumulations per the first depositor.
“APF GRANTUM JSC is a successful and dynamically growing company,” says Sandugash Sattarovna Iklasbekova, Deputy Chairman of the Board. “378,069 depositors that plan investments in their future have already chosen our Fund. We have a wide affiliated chain comprising 46 branches operating in 44 cities of the republic. Owing to active Fund development, growth of the sales volume and appearance of new directions of the pension fund activities, the task has been fulfilled to implement more advanced software with a range of additional subsystems and tasks that improve the system functionality in general. Automation of a range of business processes based on “CFT-Pension Fund” solution is our next step in creation of tools that increase the efficiency of Fund operations.”
“During the transfer to “CFT-Pension Fund” we have achieved the important goal related to the accumulative pension fund specifics – saving of chronological records about several dozen million records on transactions under several hundred thousand individual pension accounts of Fund depositors (payees) in cash and in equivalents provided for by the law of the Republic of Kazakhstan,” says Larisa Eremina, Director of the Fund Operations Department. “Due to its functionality the System “CFT-Pension Fund” allowed the Fund to optimize a range of business processes regarding depositor (payee) servicing in respect of the dynamic growth of the legislation of the Republic of Kazakhstan and to improve depositor (payee) servicing due to provision of additional web services.”
According to Andrey Sitnikov, Head of Information Technology Department of the Fund, “Implementation of the solution on CFT platform has visibly accelerated integration of changes upon end-user requests and transfer of these changes to all Fund regional representative offices. The method applied for system customization allows decreasing the risk due to product version control. System administration of the rights of CFT platform users has simplified the work on distribution of functions and data access levels in the conditions of high development rates of the Fund organization structure that has caused change of user rights.”
“A joint project with APF GRANTUM JSC is interesting for CFT first of all because through it we have gained new precious experience,” says Andrey Visyaschev, Chairman of CFT Board. “Together with IT and business specialists of the Fund, CFT specialists have done a big job on development and integration of the software solution that will allow our partner to maintain and reinforce its positions in the republic’s pension provision market. We plan to replicate this experience in Russia’s non-state pension funds as this solution fits Russian legislative requirements as well.”
Accumulative Pension Fund GRANTUM JSC was established in 1998 under the name “ABN AMRO Accumulative Pension Fund” with the participation of a major international financial group ABN AMRO (Holland). In 2005 Kazkommertsbank JSC (KKB) became the Fund’s major shareholder after acquisition of 80.01% of its shares from ABN AMRO Bank Kazakhstan Subsidiary JSB JSC. In 2006 the name was changed to APF GRANTUM JSC. The Fund key performance indicators according to the Commission for Control and Supervision of the Financial Market of the National Bank of the Republic of Kazakhstan as of July 01, 2012: number of depositors – 378,069; pension assets – 272,917,188 thousand tenges; accrued investment income from the beginning of the current year – 6,874,966 thousand tenges; pension payments from the beginning of the current year – 4,071,855 thousand tenges; equity capital – 6,425,489 thousand tenges; average accumulations per the first depositor – 721,9 thousand tenges. (The rate of Kazakhstani tenge against US dollar as of July 01, 2012 – 149.42 tenges per 1 US dollar).