Diasoft Jointly with VTB is named the winner of the Banking Technology Awards 2017 in the “Best Use of RegTech” Category - RUSSOFT

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Diasoft Jointly with VTB is named the winner of the Banking Technology Awards 2017 in the “Best Use of RegTech” Category

Diasoft and VTB are named the winners of the Banking Technology Awards 2017 in the “Best Use of RegTech” category

Source: Diasoft
Dec 26, 2017
Now, in their 18th year, the Banking Technology Awards has become established as the premier event recognizing excellence, innovation and the use of IT in banking and financial services worldwide. The winners in each category are chosen by the expert panel of judges from across the industry with in-depth experience and expertise in the Fintech sector.

For software providers, the Banking Technology Awards serves as a highly valuable recognition of their products and services and an endorsement by the Fintech community.

Diasoft is recognized by the Banking Technology Awards 2017 for the successful implementation of FLEXTERA BI in VTB, one of the TOP-5 financial institutions in Russia.

In order to implement new requirements to the regulatory reporting, introduce a completely new approach to calculation of the capital adequacy ratio and support ever-growing data flows from new corporate systems, VTB came to the decision to separate the function of generation of its regulatory and tax reports from its core banking systems into a specialized IT solution.

The management of the Bank approved this initiative and included the project into the list of high-priority projects in order to achieve a number of important business benefits from the new reporting system, such as improved regulatory reporting processes, regulatory compliance, lowered capital requirements allowing using the capital for the bank's business expansion, and improved data aggregation processes.

The bank was looking for an out-of-the box solution capable to be flexibly integrated with the existing complex multi-core architecture of VTB and the bank's own DWH, ensure minimum modification of the existing processes for collection of data from the Bank’s systems to the DWH, minimize the workload on the core banking and support big data volumes (10 MLN customers, 5 MLN loan agreements, 20 MLN cards). Moreover, the desired solution had to use the modern component-based SOA architecture.

By results of a rigorous and lasting selection process, which included implementation of intensive pilot projects by the bidders, VTB decided to select Diasoft with its reporting platform FLEXTERA BI, which met the Bank’s criteria in the best way and could support all of its current and future needs.

Diasoft has solved a very complex analytical task on the basis of the Bank’s DWH. The project was successfully delivered both within the budget and the time schedule. This impressive result became possible mainly due to the use of the agile approach to the project delivery.

Commenting on the results of the project, Svetlana Yemelyanova, Chief Accountant at VTB, said "For me, as the end customer of regulatory and tax reporting, the implementation of this project means quicker time to market for new products, quicker customer services, faster end-of-day processing and report generation. This project also means the ability to more flexibly respond to constant changes in the banking and tax legislation. Diasoft has become a reliable partner for us and we hope to continue our cooperation in other projects of our bank".

The implementation of the FLEXTERA BI solution allowed VTB to mainstream its regulatory reporting, minimize the workload on core banking systems, decrease time and efforts for support of constant regulatory changes and improve data aggregation from multiple sources.

"We are very proud to be selected as a winner among the world`s top leading financial institutions and industry players", said Alexander Glazkov, CEO, Diasoft. "2017 for Diasoft is a year of significant projects, and nomination in the Banking Technology Awards, one of the most respected endorsements in the Fintech Industry, with a TOP 5 Bank proves the company`s leadership in the global financial market and our visionary approach. We will do our best in order to keep supplying our customers with our best-of-breed innovative solutions to ensure their future business growth and development".