CB VEGA-BANK transfers business processes to CFT-Bank

Information system CFT-Bank (Platform 1) has been successfully launched at CB VEGA-BANK. Within the project implementation period, the new core banking system was customized in compliance with the requirements of the financial institution, beta testing of the software system was carried out and users were trained. 
 
The new system replaced the core banking system developed by the bank. Earlier within the framework of the first project stage, VEGA-BANK transferred its payment card service operations to CFT-Bank. At present, all key business lines of the financial institution are automated based on the CFT solution.
 
“Two years ago, in 2014, the management of the bank came to a decision to change the technological platform and perform a transfer from the self-developed banking system to an industrial solution,” says Denis Samsonov, First Deputy Chairman of the Board of CB VEGA-BANK. “At previous development stages, our ABS was sufficient for us as it allowed successfully addressing our current challenges. But VEGA-BANK is developing – its business is becoming more diversified, its scopes are growing, its customer base and product line are expanding, and all this creates the demand for new functionality. Customer behavior is changing, and our working environment is changing, too. Constant market dynamics cause the need to quickly react to new trends, changes and amendments in the legislation. In the present conditions we need a more flexible, more productive and more functional ABS. We are sure that CFT-Bank system will facilitate successful implementation of our plans on growth and further development of VEGA-BANK’s business.”
 
“We sincerely hope that our solution will contribute to further successful business development of one of CFT’s long-time partners. As a result of our joint project, VEGA-BANK got an advanced powerful information platform, which can cover the growing needs of the financial organization and transfer its business to a whole new level,” comments Andrey Visyaschev, Chairman of the Board of CFT Group, on the VEGA-BANK project results.
 
The plans of VEGA-BANK include as well the transfer of CFT-Bank system to partial outsourcing. CFT will perform part of the functions of the financial organization’s IT department, i.e. user support and operation and development of CFT-Bank system.