13.03.2009 /Technology
 Absolut Bank has introduced a new in-house computerized system
Absolut Bank has successfully completed a project on transferring into a new self-design banking system Ab$Host. The project has become the final stage of a long-term program on upgrade of the Bank’s information infrastructure. The new computerized banking system provides extended functionalities in order to fully satisfy the needs of the financial organization. As a result of this project Absolut Bank has obtained an up-to-date integrated information platform which can be used as the basis for both completing day-to-day tasks and achieving new tactical and strategic goals. This practice is not typical of the Russian banking market. Most credit organizations have no in-house developments and are using externally developed software. On the contrary, in-house IT systems development has been practiced on a wide scale in European countries. Such systems provide functionalities that fully meet the needs of the bank and reduce processing costs per transaction. The decision on the development of an in-house computerized banking system was made due to the fact that package solutions failed to fully meet the needs of Absolut Bank. With the new Ab$Host the Bank has managed to enhance its effectiveness and adapt functionalities of information systems to meet its own needs. “It is the reliability and the speed of operations that have become key criteria for the customers in assessing the bank today, because remote financial operations have increasingly been growing in number thus requiring precise and well-proven operational technologies to be in place. Successful completion of the project on introduction of the new Ab$Host has allowed us to achieve several strategic objectives. Furthermore, it has allowed us to further expand the bank’s information infrastructure, develop more effectively technologies related to data processing and storage, as well as speed up operations of all systems of the bank”, says Deputy Chairman of the Management Board Dmitriy Larin.
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