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from Absolut Bank. Calypso gained an extension of the deal with Otkritie Financial, to cover the acquired Nomos-Bank operations. The fact that the Russian banking software market has a


huge reliance on domestic systems means we do a separate analysis each year of this country. 2012 showed a rise in sales across the small and mid-tier


sector as well as a steady stream of signings among larger banks but there was then a slump in 2013 and 2014. Of late, the sharp fall in oil prices and the ripple effect of the Ukraine crisis were likely additional factors. CFT was the best seller in 2014, with 15 new-name


deals, and an upgrade of a long-standing client, Enisey Bank, from a Btrieve-based version of its flagship CFT-Bank system. All deals were in Russia, as the vendor continued to focus here and in CIS. Among the deals was KEB Bank Rus, a start-up owned by Korea Exchange Bank. The system went live in December 2014, with CFT taking on the IT department functions, supporting the bank’s users, running and developing the system. There was also a project to implement CFT-Bank to support the treasury operations of state-owned Russian Agricultural Bank; outsourcing contracts with Idea Bank (replacing an old installation of RS- Bank from rival vendor, R-Style Softlab) and Adamon Bank (replacing the Centaur Omega core system from another domestic supplier, Programbank). Ruscobank (Russian Commercial and Industrial Bank) opted to move from BIS’s QBIS core system onto CFT-Retail Bank. The majority of new- name business came from Moscow-based entities, including a couple of prominent names. Diasoft was the runner-up, with eleven new-name


customers (one up from the previous year). Of these, three were for its Flextera solution, and the rest for the Diasoft FA# way. There was also a handful of Flextera deals that were purely for front and middle office functionality. Of the broader deals, all but one were in Russia, but the vendor has been making headway in the emerging markets of Asia. In 2014, a new core banking software deal came from Mongolia, and the vendor was pursuing opportunities in Indonesia, Sri Lanka and Bangladesh. In Russia, Diasoft’s entire haul for 2014 came from


Moscow-based institutions. Ergobank, ND-Bank and Tenderbank were among Diasoft FA# takers. In September, a large-scale contract was inked with International Investment Bank (IIB) for Flextera to replace in-house software and largely manual processes. IIB is a multilateral institution for development and economic cooperation of its nine member states (Russia, Bulgaria, Hungary, Czech Republic, Slovakia, Romania, Cuba, Vietnam and Mongolia). Inversia was one deal behind Diasoft (it was four ahead


the previous year), with ten new-name wins. Dmitry Makarichev, VP and marketing director at the vendor, described 2014 as ‘challenging but productive’ and highlighted a 30 per cent rise in turnover. One of the new clients, Tumenagroprombank, lost its banking licence at the end of the year.


166


Inversia continued to target RS-Bank users and nearly half of the Bank 21 Century takers were formerly R-Style Softlab


clients. These include Moscow-based IS Bank


(Industrial Savings Bank) and regional players Financial Settlement Centre and Taatta Bank. Of standout projects, a tie-up with OTP Bank, a large retail banking player in Russia (a top-50 bank by assets) saw a project kick off in August 2014. This is to automate the bank’s new consumer offering that focuses on cards 2014 brought Programbank four new deals. The vendor


targets small to medium size institutions and is active across Russia. Of the regional banks, it signed Grincombank in the summer, to implement its Centaur Omega core system for core operations, regulatory reporting and cards. Programbank’s solution replaced Vabank from Flexsoft. Three customers came in Moscow, Maxima Bank, VSK- Mortgage and an off-the-record entity. R-Style Softlab has now been under the ownership of


Asseco for a couple of years, but so far this has failed to reignite the vendor’s new sales. There was a drop-off in new- name deals in 2014 compared to the previous year, from eight to two. Both core deals were in Russia (although the vendor is known to be sprucing up its endeavours across CIS). Eurasian Bank was a convert from Diasoft’s old system, 5NT (its newer version is now Diasoft FA#) and it took the Oracle version of R-Style Softlab’s core offering, RS-Bank V6. The other taker – Interraschet (formerly Caucasus-Gelios Bank) – a small regional company focused on settlement, opted for the Pervasive version, RS-Bank 5.5. BIS propped up the Russian list, with one new client. This


was the Universal Electronic Card (UEC) initiative, which will use QBIS for accounting and reporting functionality. There is still a multitude of banks in Russia that run


legacy systems which will need to be replaced with up-to- date technology. M&A continues and the merged entities usually end up with a hotchpotch of platforms that then have to be standardised. The most likely beneficiaries from the ongoing commotion in the Russian banking industry remain the domestic suppliers. A number of the Russian vendors have been attempting


to expand to the neighbouring countries, with mixed results, and some harbour ambitions to go further afield, outside the former Soviet states. Diasoft was the only one to gain a non-Russian win in 2014, in Mongolia, as mentioned, but has been exhibiting and participating in banking technology conferences in Africa, Asia and Latin America. It scored a deal in 2013 in Vietnam for its Flextera core system.


Serbia


The only international vendor to make a dent in the Serbian market in recent years has been Temenos, when T24 was taken in 2007 by Austrian banking group, Hypo Alpe-Adria, hosted by the bank’s subsidiary, ZIS, as referenced above. T24 went live at this bank’s Serbian operation in the latter part of 2013. The 50-branch operation had around 800


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