Investment Bank VESTA is transferred to CFT-Bank outsourcing

Investment Bank VESTA and Center of Financial Technologies have signed an agreement and are starting the implementation of the project on transfer to outsourcing of CFT-Bank system installed in the bank. The core banking system is being transferred to the facilities of CFT data center – the vendor will be supporting the system users, develop and maintain the system, and perform updates according to the legislative requirements. 

VESTA bank has long been in effective cooperation with CFT. The financial organization has been using CFT-Bank in its activity since 2006. Remote banking of private and corporate customers is performed via remote banking system. 

"Transfer to CFT-Bank outsourcing is the next logical step in the development of our partnership with CFT," says Victor Zhidkov, Chairman of the Board of Investment Bank VESTA. "We have long been considering core banking system outsourcing and studying all pros and cons. Finally, we have made the decision. This model currently seems to be the most rational for the bank. We are expecting not only to optimize our expenses by outsourcing of the core banking system, but also to achieve a new stage in our development."  

"CFT has been engaged in outsourcing of bank IT infrastructures for almost six years. It has a pool of customers that have opted for CFT-Bank outsourcing, and solid experience in this field," says Andrey Visyaschev, Chairman of CFT Board. "Outsourcing has already proved its efficiency. Based on real-project experience we can say for sure that projects that involve outsourcing are more beneficial in economic terms than in-house ones. The core baking outsourcing model selected by Vesta Bank will allow our long-term partner to free from solving a certain amount of incidental IT issues and concentrating on its core activity, i.e. customer services, competition of pricing and servicing of financial products."