Citadele Banka

6 November 2020

In January 2020 the agreement between Foranx and AS “Citadele banka” (Riga, Latvia) for Upgrade of Temenos Transact from R12 to R19 was signed off.
The project was carried out with the participation and support of ‘Foranx LLC’ and finished within 6,5 months. Since March 2020, all works have been performed remotely by the company's specialists. All Transact modules used by the bank were upgraded.

As a part of upgrade to new release, the following works were carried out:
  • technical upgrade of the system;
  • analysis and adoption of Bank local developments to R19 functionality;
  • testing and setting up of more than 50 interfaces with external systems.

Slavomir Mizak, CTO and Member of Management Board of Citadele banka:

“Citadele’s mission is to modernise the banking sector and offer more opportunities to clients and businesses throughout the Baltics. As technology is our main engine we are very pleased that we completed an upgrade of our core banking system T24.
Together with our certified Temenos partner Foranx we were able to accomplish this complex project according to plan despite a global pandemic and its restrictions, where team had to work remotely.
Running the latest version of this leading core banking platform will help us to continue in our growth and our journey to become a domestic champion for banking services in each of the Baltic States.”

Sergey Nosan, Chief Executive Officer, Foranx:

“It was a great honor for us to win the tender for update the Temenos Transact system in Citadel Bank.
Citadele Bank came a long way with Temenos core banking system from Temenos Globus to Temenos Transact. Due to this, Bank team has great experience and professional qualification. On the one hand, this fact allowed quickly and efficiently solve joint problems during the project, on the other hand, increased the requirements to the experience and qualifications of our specialists. I am very glad that both teams, our and Citadel Bank, found common ground and implemented the project in time and quality manner.
I hope for further cooperation with the Bank.”

About AS “Citadele banka”:

Citadele was registered as a stock corporation on June 30th, 2010. Meanwhile, the bank began operating on August 1st.
Citadele’s shareholders are a group of international and multinational investors with global experience in the banking sector. 75% plus one share belongs to an international group of investors represented by the investment company Ripplewood Advisors LLC, while the remaining shares belong to the European Bank for Reconstruction and Development (EBRD).
In the space of ten years, Citadele has become a powerful Baltic bank which plays a leading role in developing and introducing digital banking services.


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