VTB24 and Diasoft's Project Receives the Financial Sphere Award as One of the Three Best Implementations for Reporting

Friday, April 14, 2017

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".

The goal of the project for implementation of FLEXTERA BI for regulatory reporting in VTB24 was to establish a new approach to calculation of the credit risk based on internal ratings for evaluation of the capital adequacy and to support regulatory and tax reporting, taking into account implementation of a new IT solution for management of legal entities. Within the project scope, Diasoft implemented more than 20 regulatory report forms, tax accounting registers for income tax, transfer pricing and VAT. The joint efforts of the partners allowed them to achieve significant results: thanks to the implemented solution, the level of data quality reached 99.8%.

Svetlana Yemelyanova, Accountant General, Deputy Head of Financial Department at VTB24, said "For me, as a customer of regulatory and tax reporting, this project  means the ability to quicker introduce new products and serve customers, to accelerate the end-of-day process and  report generation, and to adapt to changing banking and tax regulations more flexibly. During the project, the Diasoft team demonstrated its high professional level. The receipt of the award in the category "Reporting Solutions" became a well-deserved victory for all of us. We want to thank the expert community for generous appraisal of our work on this important project".

Alexander Gentsis, Member of the Board of Directors at Diasoft, who accepted the award on behalf of Diasoft, commented, "The project at VTB24 was new and important for Diasoft, both from the point of view of its scope and peculiarities of the methodological support. We had to go deep into detail of the bank's processes to ensure the required results. Today, regulatory reporting to the Central bank is an important task of any bank. That is why the professional community marks such projects with prestigious awards in a special category. We are happy to contribute to the development of the banking industry and hope for further successful cooperation with VTB 24".

This award has contributed once again to the list of accolades won by FLEXTERA BI. During the recent years, FLEXTERA BI won a lot of contracts for implementation of IT solutions for reporting in banks from the TOP50, which proves high popularity of the solution at the market of regulatory reporting systems.

About the Financial Sphere Award:The goal of the award is to find bright, innovative and advanced approaches to standard financial instruments and attract attention of the professional community to these approaches. The award is given to bank and financial products, solutions and implementation methods, both independently presented at the market and specially designed for banks and financial corporations, and authors of these innovations.

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 Insurance/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.