Home News & events Press Releases 2008 FORUS Bank launches back-office built on TranzWare CMS

 

forusFORUS Bank, Russia, has launched its back-office built on TranzWare Card Management System from Compass Plus which has in turn, enabled the bank to start its own card project. The main objective of the project is the development of retail lending programs for customers using credit cards for the issuance and repayment of loans in acquiring networks.

Olga Ivanova, Head of FORUS BANK Credit Cards and Payment Systems Department has said of the project:

“To implement the Credit Card project for the automation of international credit card transactions, FORUS Bank made the decision to acquire software that would ensure the required capabilities and collaborate with the processing centre of a sponsor bank (VTB24) and as well as its in-house automation banking system (Biscuit). After analyzing all of the solutions available in the market, three vendors were selected for final comparison: Software Systems and Technologies, Center of Financial Technologies and Compass Plus. The TranzWare Card Management System (CMS) from Compass Plus was the final choice for the back-office system.”

The key reason for this decision included:
- High performance and flexibility of the proposed system;
- High level of support provided;
- Extensive experience of Compass Plus in the market;
- Flexible approach to customers;
- In-house front-office solution (TranzWare Online) to implement prospective projects;
- TranzWare CMS ensures the fulfillment of the main requirements of the bank;
- Card management (including the capability of non-personalised card management);
- Customer support (inquiry forms, accounts, cards, contracts);
- Flexible reporting system (internal reporting and accounting under Central Bank standards);
- Ability of integration with external systems.

The system also has the advanced capabilities to perform customer retail servicing at financial scheme level, which allows the maintenance of credit and deposit contracts. In addition, the company has assumed all work on the integration of its software product with the processing center of the sponsor bank and the bank’s system.

TranzWare CMS has been successfully implemented and is currently in operation by the bank. FORUS Bank is optimistic about the future with plans to develop card business. The bank intends to purchase the TranzWare Online front-office system and to enable the construction of a fully fledged in-house processing centre.”

FORUS Bank is a lending bank for micro- and small-size enterprises, with Small-size Enterprises Supporting Fund FORA, the largest non-bank microfinance company in Russia, as its promoter. Regional affiliated network with branches located in St. Petersburg, Rostov-on-Don, Saratov, Voronezh, Volgograd, Lipetsk and other cities within the European part of the Russian Federation ensures FORUS Bank is one of the largest microfinance banks in Eastern Europe. Today, the bank has Associate Member status in Visa, sponsored by VTB24, and mainly focuses on the development of its retail business using international credit cards.
www.forusbank.ru