London, July 27 2004 - Financial Objects today announced the finalisation of a partnering agreement with FORS Development Center to supply activebank, a core banking system for financial institutions, to the Russian marketplace. FORS Development Centre brings extensive knowledge of the local Russian marketplace to the partnership.
Peter Watts Director of the activebank division says “Russia is an important strategic market for us. The Russian financial institutions are now facing the same level of regulatory requirements as those in the West. This increasing regulatory pressure means that Banking Systems must be capable of adapting to the fast-changing regulatory requirements. Retail banking customers in Russia are also now demanding access to the sophisticated banking products that have been developed in the other areas of Europe and the combination of these two factors along with the global need for Banks to drive out the cost of running legacy banking systems make the Russian market an exciting opportunity for us”.
FORS Development Centre have demonstrated that their knowledge of the Russian banking marketplace, especially regulatory reporting requirements will ensure that activebank is adequately customized to meet local requirements. The partnership is further proof that Financial Objects continues to develop and deliver unrivalled banking technologies. FORS DC has had a solid and reliable reputation in the market for over 13 years and to be devoted to its values; an unconditional priority of the customer’s interests. This is the key to what helps it obtain its leading position in implementation of contemporary technologies to the banking sphere.
Some of the largest banks in Russia such as Vneshtorgbank and Vnesheconombank are listed among FORS’ customers and FORS’ specialists are involved in different projects at more than 60 banks.
The joint expertise of the two organisations will enable the partnership to offer the type of innovative solutions required to unlock the dependency that major banks in Russia have on expensive and fragmented legacy systems.
Yuri Teryokhin, Director, Financial Institutes Department FDC comments “We are pleased that we partner with Financial Objects. It is a UK listed software company that has global reach and credibility and a very modern and flexible banking system is a winning formula for us. Legacy systems in Russia are still prevalent but we are certain that our knowledge of the local marketplace and implementation expertise and Financial Objects’ activebank software will make an irresistible combination for the banks here in Russia.”
Peter Watts adds “I am pleased that FORS Development Center has decided to work exclusively with Financial Objects within the scope of our Partner Program. It is further encouragement that local partners can provide the local knowledge we need to deliver our global solutions.”