Ural FD Bank Migrates to the Diasoft Solution to Support Its Retail Business

Wednesday, March 4, 2020

The joint team of Ural FD and Diasoft completed the project for migration of the bank’s retail business to a new software solution. Early in 2020, the bank switched to the integrated enterprise-grade system Diasoft FA# Beans to support both its retail and corporate customers. This helped the bank to streamline its regulatory reporting and reduce its software maintenance costs.
Before the project, the functional capabilities of the bank’s retail systems did not meet the modern requirements. The existing solutions did not guarantee support of frequent changes in the Russian regulations and did not allow quickly launching new products to support the developing business. To solve these issues, the bank decided to migrate to a modern complex system Diasoft FA# Beans to support all of its key lines of business.
The teams had to complete all works within nine months since the start of the project – during the New Year festive season.
“A large-scale migration to the new software during the New Year festive season is convenient for everyone. This allows using long holidays for the migration, and the go-live coincides with the start of the new fiscal period. Both teams strove to finish the works by a specific date, and the project was successfully completed strictly within the schedule”, said Leonid Khorevsky, Member of the Board, Director of Business Operations, Diasoft.
“It is well known that migration of data is the most difficult part of such projects. The project at Ural FD was a double challenge – we had to migrate data from totally different solutions and upload these data into a system that was already in production – Diasoft FA# Beans, which was used by the bank to support its corporate customers. We had to ensure minimum impact of new functions and data on the existing functions, and we managed to successfully solve this task with our joint efforts”, commented Eldar Ramazanov, Project Manager, Diasoft.
Within the scope of the project, the team migrated 25,000 credit contracts, 100,000 deposit accounts and 100,000 cards issued to individuals.
Vladimir Meledin, IT Director, Ural FD Bank, “The migration to a single enterprise-grade system provides the bank’s business with multiple advantages. We have already simplified and streamlined our customer services and user operations. We are not going to stop here. The next project that we are going to implement with Diasoft is automation of regulatory reporting with the use of standard core banking modules”.
Ivan Ushakov, Project Manager, Ural FD Bank: “The project scope required reconfiguration of data flows within the bank’s IT infrastructure. With the help of Diasoft’s consultancy, we integrated the remote banking functions based on standard interfaces of Diasoft FA# Beans”.
Alexey Vyrkov, Chairman of the Board, Ural FD Bank: “The existing IT infrastructure made the work of our business units quite complicated. Our goal now is to get the most value out of Diasoft FA# Beans to facilitate the bank’ business development”.
The two companies will continue their partnership in the future. The teams are already implementing the IFRS9 standards based on the Financial Assets and Liabilities module of Diasoft FA# Beans. The further plans also include implementation of standard Diasoft FA# Beans reports.