The Russian core banking software market is dominated by local vendors. The three major players at present are CFT, Diasoft and R-Style Softlab. International suppliers have struggled so far, and the reasons are manifold, from cultural and language barriers to major differences between international and Russian accounting and reporting standards. Temenos, Oracle FSS, TCS, Infosys andMisys have dipped their toes in the Russian banking waters, but Misys, arguably, has the only success story so far.
New vendor and system
CFT (Centre of Financial Technologies) is a key player in the Russian banking software market, set up in 1991 in the Siberian city of Novosibirsk. Today, it has its HQ inMoscow and employs over 1200 people. The overwhelming majority of its customers are in Russia, although in the last few years it has also gained users in the wider CIS region.
CFT's main core banking product is the Oracle-based CFT-Bank. It has around 150 takers.
Functionality of CFT-Bank (brief description – for in-depth technical specifications see the CFT profile in the IBS Back Office Systems & Suppliers Guide >>):
