“PROMINVESTBANK” ANNOUNCES THE SUCCESSFUL TRANSITION TO THE NEW ABS ORACLE FLEXCUBE

PJSC “Prominvestbank” announces the completion of the implementation project of the new core banking system based on Oracle FLEXCUBE. The ambitious project of building a new IT architecture of Prominvestbank covered such processes as localization and the introduction of a new ABS (Oracle FLEXCUBE), its integration with other IT-resources of the bank, the migration of data from old systems, optimization of existing business processes, introduction of Internet banking (Oracle FLEXCUBE Direct Banking). The general contractor for the project is EGAR Technology Ukraine, Oracle Platinum Partner, with 10 specializations, including those for the Oracle FLEXCUBE Universal Banking 11 product line and in the Financial Services industry.

“The strategy of leadership, active increase of assets in the corporate and retail segments by Prominvestbank must be supported by a powerful IT platform. The previous ABS was unable to effectively maintain and develop the business of the bank. The task of the transition to a new IT platform was put to ensure the process of centralization of bank operations, improve business transparency, to ensure high quality customer service capabilities and enable fast time to market for new products, “- says Victor Bashkirov, Chairman of the Board of PJSC” Prominvestbank”.

“The new ABS of Prominvestbank is built on Oracle FLEXCUBE products, a recognized leader in this market segment. Global experience has proved the reliability of the platform Oracle FLEXCUBE, its scalability, flexibility and great opportunities for integration with other systems of the bank. Prominvestbank can be proud that they use the full range of modules of ABS Oracle FLEXCUBE and get maximum benefits”, says Serhiy Tarasenko, CEO of EGAR Technology Ukraine. “It must be emphasized that the project was not only a replacement of the ABS, but it also covered the localization system, data migration, integration with other systems of the bank. In fact, a significant part of the task of building a new and effective IT architecture of the bank was implemented. An important aspect of this ambitious project was the condition that the transition did not affect negatively the business of the bank, the quality and speed of customer service. That is why the strategy to input modules through working out processes through pilot zones was chosen. This approach allowed us to reduce the burden on the staff of the bank during periods of migration and to ensure quality and stability of the system when it was run into commercial operation”.

“The bank’s specialists, consultants of Oracle and EGAR Technology of Ukraine worked in the project team, that we have chosen as the general contractor for this project”, – continues Viktor Bashkirov. “In the area of ​​Oracle FLEXCUBE, EGAR has one of the most powerful teams in the CIS.”

“I think the team has successfully coped with the assigned tasks. Today, the bank has a robust platform that fully supports the corporate and retail banking, internet banking and treasury. The new ABS is integrated with the systems that support critical processes in the bank’s operation.”

“We have already taken advantage of the new Oracle FLEXCUBE platform. For example, setting up a new system of a deposit product takes now about half an hour. In addition, we received a great tool for working with management reporting and customer information, making our business more efficient.”

Prominvestbank

PJSC “Joint-Stock Commercial Industrial Investment Bank (Prominvestbank)” is one of the leaders of the Ukrainian financial sector. It was founded in 1992.

Prominvestbank is one of the largest and most reliable creditors of Ukrainian economy. During the years of independence, the bank has invested in the development of the economy more than $60 billion of credit resources.

The main shareholder of the bank since 2009 is the State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” (Russia), which owns a 98% stake.

One of the key objectives of the bank today is to support a strong partnership between Russian and Ukrainian enterprises and ensure mutually beneficial economic dialogue between the two countries.

Press Service of Prominvestbank

Tel.: +380 44 364 67 77

e-mail: press@pib.ua