The joint project of Sovcombank and Diasoft for automation of the Bank’s corporate and investment business has been awarded with the international Banking Tech Awards in the nomination Best Use of IT in Treasury and Capital Markets.

The large-scale project implemented on Diasoft’s Digital Q.FinancialMarkets platform has beaten its global competitors having demonstrated significant advantages for business and technological development of the Sovcombank group.

The project was implemented in several stages. At the first stage, the partners created a new technological platform for support of the Group’s investment business and migrated all accounting operations for financial market deals to the new, enterprise-grade platform Digital Q.FinancialMarkets. As a result of the project, Sovcombank and its subsidiaries migrated to the single database, consolidated financial markets accounting for the whole Sovcombank Group, which in turn reduced operational risks associated with regulatory requirements.

Other project stages involved automation of more than ten LOBs of the financial group and integration with the largest Russian stock exchanges and clearing centers, with allowed Sovcombank to quickly launch popular investment products. The modern platform provided the bank with flexible tools for quick support of new business tasks and launch of modern financial instruments and services. Setup of new and non-standard products now takes only 2–3 days, ensuring quick launch of new LOBs and helping to attract new customer groups and flexibly support changes in the Group’s business strategy.

Today, the bank successfully expands its market share in securities trading, brokerage and custodian services, develops wealth management services, and launches popular financial instruments, such as high-yield Eurobonds, structured notes with capital protection, derivatives, proprietary financial instruments, investment deposits, precious metals.

The software products composing the Digital Q.FinancialMarket platform are built on the microservice architecture with the use of the most advanced technologies. This architectural approach enables gradual business development without suspension of current business processes and operations, and provides multiple technological benefits, such as continuous update and development, linear scalability, reliability and fault tolerance.

“For Sovcombank, the year 2021 has become a year of rapid growth. The bank has been developing its business through M&As and by exploring new markets and LOBs. Such an active business strategy requires a flexible and high-performance technological platform that is capable of supporting the explosive growth. The solution based on the Digital Q.FinancialMarkets platform allowed us to successfully automate our corporate and investment business and provided a reliable platform for our future development, both through expansion to new market segments and through business growth”, commented Mikhail Avtukhov, Deputy Chairman of the Board, Head of the Corporate and Investment Business at Sovcombank.

“For Diasoft, the large-scale project for automation of the investment business of Sovcombank, the largest Russian financial group, is an important milestone. We are proud that our expertise in financial business processes and technology has allowed us to build a reliable platform the technological development of the group and quickly implement the project despite risks associated with changing environment and pandemic restrictions. The success of the project and the international recognition have proven the benefits of the selected technological strategy and indisputable advantages of the microservice architecture for the business”, said Alexander Gentsis, Member of the Board of Directors at Diasoft.

The Banking Tech Awards recognize excellence and innovation in the use of IT in financial services worldwide, and the people who make it happen. 2022 will be the 23rd year for these prestigious awards. For banks and financial institutions, winning a Banking Tech Award showcases the value of their technology investments and showcases their skills, commitment, creativity and execution. More information on the award is available at https://informaconnect.com/banking-tech-awards/.

Earlier this year, the project received the highest scores from reputable judges of another global award – the project was recognized the winner of IDC Real Results Awards in the Financial Markets Transformation category.