Bank24.ru and Colvir Software Solutions Ltd. contracted for the supply and introduction of CBS-2, the core banking system, on March 19, 2007.

Bank 24.ru decided it needed a new banking system after its client base doubled and the company decided to break into the federal market. The bank conducted a tender in order to make the best choice there is among both Russian companies (Escape-M, Quorum, R-Style Software Lab, Financial Technologies Center, and Diasoft) and foreign businesses (Forbis Ltd. of Lithuania and Colvir Software Solutions Ltd. of Great Britain) and finally decided on Colvir Software Solutions Ltd.

‘We’ve chosen CBS-2 as the most suitable for our needs. This convenient, modern, and powerful system will give us a chance to set up 24/7 offices in all the time zones of this huge country as well as improve our services that will thus be no different technologically from any foreign bank; moreover, these services will be even better shaped for the Russian market,’ says the bank’s Chairman Boris Dyakonov.

‘The system makes it possible to handle all the processes as a whole, which will cover both financial and maintenance activity as well as the Main Records, a single budget, a single risk management division and united cash management section. All this will allow us to cut costs related to piecing different bits of the system together and training and hiring employees; it will also make it easier to make changes to the system. CBS-2 can operate round the clock and in different time zones; it has a built-in CRM-module that is compatible with Basel II (2006).

Bank24.ru can now offer its clients full range of banking products and services for both legal entities and private individuals using the most advanced financial and electronic technologies,’ says the bank’s press officer.

‘CBS-2 is going to make us more competitive and to help us build up our share of the market in Russia and possibly abroad,’ Mr. Dyakonov observed.