19 August 2020AS «PrivatBank» (Riga, Republic of Latvia) announced about successful transfer to new core-banking system Temenos Transact (T24). The project started in June 2017 and was fully completed in July 2020 with the participation and support of Foranx LLC (Belarus, Minsk).
During the project was implemented the following functionality:
Full scope of banking operations:
- Accounts, overdrafts
- Cash payments and electronic funds transfers
- Standing orders
- Corporate loans
- Retail loans
- Card loans
- Letters of guaranties
- Collection of troubled debts
- Deposits of legal entities
- Retail deposits
- Interbank transactions
- General ledger, accounting
- Card transactions
- Compass(Card processing)
- Phoenix (customer master system)
- Fiserv (AML)
- Internet bank
- Account statements server
- Print server
- FiTek (utility payments)
Inga Rumba, acting Chairman of the Board of PrivatBank:
“The quality, reliability and flexibility of services provided to PrivatBank clients are the priorities of our work.
In 2017, the bank's shareholders made a decision to acquire and implement a new internationally recognized automated banking IT system Temenos Transact (T24).
The implementation of the Temenos T24 IT-system during this digital age will provide the PrivatBank team with an opportunity to adapt its services, in order to execute the new strategy of the bank, which is oriented towards the requirements of lending to customers.
It was a great honor and pleasure for us to work with a team of specialists from FORANX (Minsk, Belarus) and Temenos (Switzerland), whose competence, despite the challenges our world faced in 2020, helped PrivatBank to implement and ensure the launch of the new IT system of the bank".
Sergey Nosan, CEO of Foranx LLC:
“I would like to congratulate AS «PrivatBank» team with successful transfer to the new core banking system Temenos Transact. I wish to underline, that in the light of epidemiological situation and lockdowns we have to “golive” this project remotely. I believe, this is unique experience not only for our team, but also in practice of core banking implementations worldwide. The project finished successfully under these conditions thanks to the qualified and well-coordinated work of the united Bank and Foranx team with the support of Temenos.
Using Temenos Transact allows the Bank to improve the quality of banking operations and provided opportunities for its further development”.
Established in 1992, AS PrivatBank is a credit institution registered in the Republic of Latvia. Privatbank has strong brand position in the domestic market, recognized for exceedingly high-quality customer service.