Bank ZENIT Implements Innovative Core Banking System
Bank ZENIT has successfully completed the integration of CFT-Bank banking information system into its IT infrastructure. The installation of the new IT platform was part of the legal and technological consolidation of credit institutions within ZENIT Banking Group.
CFT-Bank system has been put into production, and now ZENIT Bank manages its key business processes, i.e. accounting, reporting, interbank and inter-branch settlements, loans, and deposits, in the new core banking system.
The implementation of the new IT platform meant completion of yet another stage in the construction of a single functional IT architecture for the united Bank ZENIT. Previously, Bank Devon Credit (part of the Group) began to use CFT-Bank system, and by the end of 2019, it will become a single system for all credit institutions within the Group.
“The functionality of CFT-Bank fully meets the requirements of a modern and actively growing banking group such as ours,” commented Ilya Kuchugin, Director of Information Technology at Bank ZENIT. “A single information core is essential for unification of the product line and maintaining of the high quality of customer service. After the merger of the Group's subsidiaries under one brand, the number of banking operations is going to increase, and thanks to the transition to the new IT platform, all internal processes will remain invisible to customers.”
"Introduction of a new technological platform in a credit institution the size of Bank ZENIT is a global IT project with multiple integration tasks. It is a multi-step and labor-intensive process involving almost all employees of the bank,” notes Andrey Visyaschev, Chairman of the Board of CFT Group. “I am glad to say that the task has been completed successfully and in time. Our partner received a modern, productive and functional IT platform with significant potential for development, which flexibly adapts to new business and legislative requirements. I hope this will add extra dynamics to the bank’s development and allow increasing business transaction volumes and operational efficiency to concentrate on the main thing – providing high-quality products and services to customers.”