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

Source: Diasoft
Apr 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.