Diasoft became the General Partner of the VI Annual Financial Sphere Award for the section "Banks and Payment Services". The company submitted a large-scale project for implementation of its FLEXTERA BI for automation of regulatory reporting in VTB24. At the award ceremony, which took place on 30 March 2017 in Moscow, VTB24 and Diasoft's project was named one of three best implementations in the category "Reporting Solutions".
Synergistic Partnership of Diasoft and the International Investment Bank Was Recognized with the Financial Sphere Award
On December 8, the joint project of Diasoft and the International Investment Bank (the IIB) was selected a winner of the Financial Sphere Award by The Banking Review Magazine in the category "Project Implementation in a Financial Company".
The Financial Sphere Award is an annual award by the Banking Review Magazine, granted for innovations, effective solutions and achievements of financial services companies. Among nominees of this unique award were different institutions from the financial services industry: insurance, investment and microfinance companies, providers of banking solutions and payment services and other participants of the financial services market. The winners of the award were selected by a broad expert community.
Diasoft submitted its large-scale project for core banking modernization in the International Investment Bank (the IIB) for the award. Due to the special status of the IIB, the project was unique for the market. The IIB is not a standard bank, but a comprehensive fully-functional institution for development. The company finances projects aimed at development of economies of its member countries and at strengthening of multilateral economic collaboration, making a special focus on the development of SMEs, project financing and trade finance.
According to the popular business magazine bne IntelliNews, publishing business and financial news on emerging markets, in 2016 the International Investment Bank was recognized the most innovative financial institution of the year.
Implementation of the bank's development strategy required replacement of its monolithic IT system, which could not fully support accounting based on international standards. After implementation of the FLEXTERA core banking system by Diasoft, the automation of loan and treasury operations of the bank reached 90%, while its payment transactions and financial reporting, based on the new corporate data warehouse, were fully automated. The methodology and accounting processes for banking operations were updated to comply with the IFR standards.
Accepting the award, Dmitry Bocharov, IT Director at the IIB, said, "It was a very complex project, and the largest one for the whole 45-year history of the International Investment Bank. The project was made possible thanks to the synergistic partnership with the Diasoft company. We combined a highly professional team that could leverage all capabilities of the FLEXTERA platform to solve our unique and ambitious tasks. We created a truly powerful, flexible, multi-component solution, which, in our opinion, keeps pace with the best domestic and international products".
Alexander Gentsis, who accepted the award on behalf of Diasoft, commented, "I feel happy now, because it was our key target and we went to this moment for many years, pursuing our dream of the new generation of products and happy clients. It was difficult to convince one of the most conservative financial institutions in our country to believe in us. I want to thank Dmitry for his trust, because being the first is always a huge risk. The world is changing, and eventually, one way or another, everybody will seek for the new-generation products. I am happy that we have become the first".
About International Investment Bank (IIB): The International Investment Bank (IIB) is a multilateral institution for development that promotes social and economic development, prosperity, and economic cooperation between its member states.
Main directions for its activities are the support of the small and medium-sized businesses and participation in financing socially significant infrastructure projects.The Bank provides loans primarily through leading domestic publicly owned financial institutions, development banks, export and import banks and agencies, or lends in partnership with other international institutions for development.
The IIB was founded on the basis of an intergovernmental Agreement establishing the International Investment Bank and its Statutes. The Agreement was signed by all the member states of the Bank on July 10 1970 , and registered with the United Nations Secretariat under registration number 11417.
For more information please visit https://www.iib.int/en
About Diasoft: Since 1991 Diasoft has been providing cutting-edge financial software solutions supporting all aspects of retail, wholesale and universal banking, financial market services, and insurance business. The company’s main offering to the financial market is FLEXTERA — a SOA-based universal system comprising a comprehensive suite of modules for front-to-back automation of modern financial services.
The FLEXTERA’s functional scope covers the following areas of financial business:
- Back Office and Core Banking operations including daily banking transactions processing; product and service management; BI, accounting and reporting;
- Multichannel Front Office operations and client management;
- Middle Office risk management and decision making.
The modern technological principles lying at the core of all FLEXTERA solutions in combination with their broadest functionality provide our customers with limitless opportunities for their business development in accord with market trends and clients’ requirements.