Diasoft, a global provider of cutting-edge software solutions for the global financial industry, announced today that Gartner has positioned Diasoft in its September 2012 Magic Quadrant for International Retail Core Banking Systems for the two flagship core banking solutions provided by the company.
Gartner Magic Quadrant assesses the suitability of core banking system providers and their product offerings to address the impact of the modern trends in the international retail core banking (IRCB) market. Gartner has evaluated the competitive landscape of core banking vendors that service the future of the international retail banking market. This evaluation has uncovered the leading strategies of these vendors and products, revealed their underlying product/service capabilities, and affirmed their relevance to the changing conditions of the banking industry.
This year Diasoft has been named among 16 global leaders of the core banking technologies market. Both generations of Diasoft’s core banking systems — the innovative FLEXTERA solution and the widely recognized in Eastern Europe FA# — have been included into the report based on their ability to execute and the company’s market vision. Significantly, 19 solutions have been selected for the report from the original list of 36 applicants. During the evaluation process, Gartner used such criteria as product functionality, market understanding, contribution to the innovations, and the overall viability of the company, among others.
FLEXTERA is an innovative component-based SOA financial solution for front-to-back automation of retail, corporate and universal banking, treasury and capital market operations, and insurance business. The solution is built on the JavaEE technology in full compliance with SOA principles. Being process-driven and meeting the highest demands for flexibility, scalability, performance and reliability, FLEXTERA has become a perfect choice for both mature and emerging markets seeking for a new platform to support their dynamic business development or willing to renovate the existing legacy solutions. The solution easily copes with business volumes of the world’s largest financial institutions, supports such emerging technologies as cloud computing and SaaS, and can be flexibly customized to meet individual non-standard requirements of the most innovative banks.
FA# (Diasoft FA# Financial Architecture) is a comprehensive modular software solution for the automation of all banking, insurance and capital markets operations. The product allows creating a consolidated information environment of a financial institution and can be quickly deployed to support the business of SME and start-up companies. The solution is based on real workflows of financial organizations and is built on the principles of the SOA and component-based architecture.
“Although uncertainty lingers about the relative health of the banking industry amid concerns over threats of currency destabilization, debt crisis and double-dip recession, bank CEOs are steadfastly shifting from postrecessionary caution to a posture of growth. As banks reassess their capacity to support this shift in business focus, it's clear that technology is in the crosshairs to serve as the catalyst for growth. It's also clear through market analysis that geography and bank segmentation play a role in defining a bank's velocity when executing its business growth strategy with enabling technologies, such as component-based core banking”, wrote the author of the report Don Free, Research Director, Gartner.
Diasoft is confident that this achievement was possible thanks to its ability to meet these and other modern requirements of the industry, a very positive feedback from Diasoft’s customers, a responsive, open and comprehensive disclosure to Gartner analysts during the assessment process, and technological advantages of its solutions. In particular, Diasoft’s solutions offer the following technological features to meet market challenges, besides others:
· Component-based SOA-compliant architecture allowing simple configuration, implementation, management, and customization of the selected solutions, as well as their gradual development;
· Process-driven architecture built around real bank business processes which allows avoiding redundant administrative steps and ensures accurate front-to-back processing of every banking task,
· Broad functionality allowing Diasoft’s customers to use a single solution to cover all their business needs,
· Reliability and scalability to ensure future extensive development,
· Flexibility to support ever-changing market environment, regulations, and emerging business models,
· Quick time-to-market for new products, channels and services due to the in-build product factory and flexible workflows based on SOA principles,
· Easy integration with other banking applications and third party systems due to the componentization and SOA approach.
To ensure further development of its solutions in accordance with the market requirements, the company will continue to make sustained investments in R&D, infrastructure and alliance building, leveraging its local and international expertise and product development capabilities.
“We are proud that our solutions have been recognized by such a world renowned research company, whose surveys are used as guidelines by the most dynamic and strategically thinking companies. We believe that Diasoft positioning in the Gartner Magic Quadrant for International Retail Core Banking means that the company has taken its place among the world’s leading providers of core banking systems”, stated Dmitry Zubarev, CEO, Diasoft. “It is especially important that both Diasoft flagship products — FLEXTERA and FA# — have been included into the report. This is a significant achievement for our company that, we feel, proves that both Diasoft core banking systems meet modern market requirements and Gartner’s strict evaluation criteria”.