VTB24 and Diasoft's Project Becomes One of the Three Best Implementations for Reporting

VTB24 and Diasoft's Project Becomes One of the Three Best Implementations for Reporting
17.04.2017 07:15 am

VTB24 and Diasoft's Project Becomes One of the Three Best Implementations for Reporting

Payments , Banking

Diasoft is named as 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.


Related News

Shopify introduces major product launches, including Shopify Balance and Shop Pay Installments

Shopify Inc., a leading global commerce company, announced new and updated products at ... Read more »

Recycling ATMs in Latin America to treble by 2024

Deposit automation and recycling terminals are revolutionising the way banks operate across the globe, allowing routine transactions to be migrated from the teller to self-... Read more »

Neobank Jingle Pay chooses W2 to power its new Super App for the Unbanked

W2, the leading provider of real-time digital solutions for global regulatory compliance, announced today that it has joined forces with neobanking group... Read more »

Wirecard and websms enable smart shopping via SMS and Messenger

Wirecard, the global innovation leader for digital financial technology, and websms, a pioneer in mobile messaging, have come together to set... Read more »

NatWest research: UK small businesses accelerate transition to cashless during pandemic

UK SMEs are moving to accept card and contactless payments at an increasingly rapid rate as a result of the coronavirus crisis, according to findings published today by... Read more »

Judopay and Mastercard partner with The Pharmacy Centre to ensure access and availability of medical supplies

Judopay, a leading mobile-first payment provider, today announced that together with ... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel