Rietumu Banka, first founded in 1992, has adopted international accounting standards and banking practices since its establishment. It is now the fourth largest bank in Latvia in terms of assets, as well as being ranked among the ten largest banks in the Baltic States, according to the Association of Commercial Banks of Latvia. Rietumu Bankaâs business focuses primarily on the provision of banking services to corporate clients, plus small and medium-sized businesses. It also offers a portfolio of private banking products to high net-worth individuals, including investment advisory services, foreign exchange and securities trading.
To replace its existing system and support the ongoing expansion of its business, at the beginning of 2001 the bank took the decision to search for an international banking solution. In-depth assessments of three different product offerings, from Misys, Temenos and System Access, were carried out over a nine month period, before Rietumu Banka selected Equation as its preferred solution and signed a contract with Misys at the end of November 2001.
Evgeny Ostelis, IT Director of Rietumu Banka comments, "Our choice was determined by a number of factors, one of the most important being that Misys could provide local service and support through its branch in Riga. In addition, Equation has established an impressive track record in the Baltic region, with Krajbanka and Hipoteku Zemes Banka in Latvia, and Sampo Bank in Estonia having already implemented the system."
"Another reason for our selection of Equation was the systemâs fully-integrated Customer Relationship Management system, plus its Integratorâs Technical Package, which will enable us to develop tailored enhancements to Equation that are consistent with the overall design and architecture of the system," he continues. "Misysâ international reputation and the scalability of IBMâs iSeries eServer (AS/400) processor also had a major influence on our decision."
In addition to its Customer Relationship Management system, Equation will also include applications to support the bankâs Foreign Exchange/ Money Market and Commercial Loans transactions. Other components of the bankâs Equation solution include the full portfolio of the systemâs Retail Banking applications, namely Account Services, Retail Deposits and Retail Lending, in addition to Cashier System and Co-sign, the systemâs automated signature verification package. Equationâs Customer Relationship Management system, together with Cashier System and Co-sign, combine to provide a fully integrated branch automation platform, running on the Microsoft Windows NT operating system.
Using Misysâ Meridian middleware platform, Equation will be integrated with a number of Rietumu Bankaâs legacy systems. Equation also will be interfaced to CR2âs Bankworld package, which provides a front-end channel delivery system controlling corporate clientsâ access to a variety of the bankâs services, including cash management and internet banking.
Evgeny Ostelis concludes by saying, "Rietumu Bankaâs overriding aim is to provide its clients with the broadest possible range of banking services through multiple channels, in a manner which is both efficient and cost-effective. We believe that Equation will assist us in achieving this objective."