Zenit bank provided conducting daily accounting according to IFRS 9

2019

Transition of bank to IFRS 9

On July 31, 2019 the Diasoft company reported that it together with ZENIT Bank implemented the project on transition of bank to IFRS (IFRS) 9. The project was successfully complete in parallel with implementation in bank of the Diasoft FA# Beans system for automation of work in financial markets.

In the course of preparation for IFRS (IFRS) 9 the command in the conditions of deadlines configured accounting according to the entered standard on such financial instruments as transactions with issue and not issuance securities and to interbank credits.

Due to simultaneous implementation of two projects load of the specialists involved in project works enormously increased. Overcome difficulties and successfully the deep involvement of the customer into all stages of the project and wide experience of bank representatives regarding preparation of the reporting under IFRS helped to cope with assigned tasks. The important role was played also by strong examination of Diasoft in automation of work in financial markets and also existence of the specialized solution "Financial assets and obligations" in a line of Diasoft FA# Beans.

We well understand specifics of IFRS 9 therefore could appreciate high examination of a command of Diasoft. In cooperation with the partner we carried out serious work – solved problems of projects within the daily meetings with participation of key participants on both sides, told Olga Oboznaya, the deputy chief of financial department of ZENIT Bank

The project turned out, despite objective difficulties. Preparation for IFRS 9 needed to be completed for read weeks and along with it to implement works on data migration from the old IT-system in implemented, – Diasoft FA# Beans. In the field of IFRS 9 and the general interest of all participants of a joint command in achievement of effective objectives projects on support of standards of accounting and preparation of the reporting under transactions of bank in financial markets allowed to complete competence of experts of bank successfully, noted Andrey Aleksankin, the head of a product of department "Diasoft FA# financial markets" of Diasoft company

As a result the ZENIT Bank successfully fulfilled the requirements of the Bank of Russia and provided conducting daily accounting according to IFRS (IFRS) 9 in the Diasoft FA# Beans system, since 1/1/2019.

Implementation of Diasoft FA Beans

On July 1, 2019 the Diasoft company reported that the ZENIT bank implemented a modern system for work in financial markets – Diasoft FA Beans

At the beginning of the project examination of technologies and an IT landscape of bank was conducted. The Diasoft company prepared a solution architecture and a set of private technical specifications on business process automation for integration with adjacent information systems.

As a result of the joint project the Diasoft company automated the different areas of work of ZENIT Bank in financial markets: own transactions with securities, currency, futures and options, broker service in all markets of the Moscow Exchange with a possibility of maintaining the uniform broker account, issue of own bonds, accounting of transactions with own bills of exchange and with precious metals, including work with subsoil users, interbank credits, accounting of off-exchange derivatives.

The bank is in process of large-scale changes. We implement the important initiatives directed to high-quality increase in all indicators of business, and we select reliable technology partners. The purpose of implementation of the modern flexible IT platform — need of fast development of investment business of bank, including, in the direction of broker service, through digital channels, comments Ilya Kuchugin, the director of the block of information technologies of PJSC Bank ZENIT

Execute a role of one of key participants of the program of projects of such big customer as ZENIT Bank, it is responsible and valuable in terms of development of competences of our command. Remaining vendor in classical understanding, we are able to render professional consulting services that could be shown in this project. We hope that implementation of the Diasoft FA# Beans platform regarding automation of the block of work in financial markets will allow to achieve quicker to ZENIT Bank the goals on providing products and high-quality services, tells Kirill Zolotykh, the area director "FA# financial markets" of Diasoft company