"The investment bank of Vest" passed to outsourcing model of use the core banking system

The Center of Financial Technologies (CFT) group announced in November, 2011 that the Vesta investment bank completed transition to electronic storage of accounting documents using a complex of the applications "CFT-electronic Archive".

Implementation of a complex of applications of CFT took place within the project on IT upgrade implemented in bank. Earlier in Vesta bank complexes of the corporate applications "CFT — Management Accounting" and "CFT — Budget Planning" were also implemented, reported in CFT. Transition of bank to electronic storage of accounting documents was executed in full accordance with the instruction of the Central Bank of the Russian Federation No. 2346-U taking into account all requirements.

The complex of the applications "CFT-electronic Archive" is intended for the banks working with several accounting systems of any producers, and/or banks with a large number of the documents which are subject to storage in electronic form. The complex allows bank to optimize work with archive of documents, provides high sweep rate of required documents and the invariance of documents in archive. According to CFT, the solution differs in the high performance, scalability and also abilities to integrate into any IT infrastructure existing in bank.

As expected, transition of Vesta bank to electronic document storage, in addition to economy of resources and reduction of household expenses, will lower labor costs on collecting and printout of documents that, in turn, will allow Operational management of bank to raise the customer service quality level due to reduction of holding time.

Transition to outsourcing model

On November 17, 2015 the VESTA Investment Bank and the Center of Financial Technologies signed the agreement and start project implementation on transfer of the system installed in bank CFT Bank on outsourcing.

The core banking system is transferred to capacities of DPC of CFT: the vendor will be engaged in user support of a system, its development and maintenance, updates according to requirements of the legislation.

"Transition to outsourcing CFT Bank is the next natural stage in development of our partnership with CFT, – Victor Zhidkov, the chairman of the board of Vesta Investment Bank noted. – We long looked narrowly at outsourcing of the core banking system, weighed all pros and cons. As a result the decision is made. In the conditions of a present situation this model for bank is, perhaps, the most rational. We expect from outsourcing of the core banking system not only expense optimization on support of the main banking system, but also and new round of development".

"CFT actively is engaged the sixth year in a subject of outsourcing of IT infrastructure of banks – the company has a pool of the clients who selected outsourcing CFT Bank, solid examination from this area, – Andrey Visyashchev, the Chairman of the board of the CFT Group said. – Outsourcing already proved the efficiency. Relying on experience of real projects, we with confidence can claim: projects with an outsourcing component are economically won against the in-house projects. The model of outsourcing the core banking system selected by Vesta Bank will allow our old partner to be exempted from the solution of a certain volume of non-core IT questions, to concentrate resources on core business – customer service, the price and service competition of financial products".