Russia


Alfa-Bank buys Misys Equation source code

Alfa-Bank, a top ten bank in Russia by assets and profit, has purchased the source code of its core banking system, Misys Equation. The solution is provided by Finastra (formerly Misys).

Sberbank implements risk management system with Numerix

Russia’s largest banking group Sberbank has completed the implementation of its bank-wide technology programme focusing on automating its financial market risk management system. As part of the multi-year project, Sberbank built a technology platform which included IT systems and modules allowing the management of various types of risks, namely credit and market risks. The platform […]

Blockchain and Bitcoin round-up: 2 June 2017

From Russian banks to Greek lawyers. Our latest blockchain and Bitcoin report rounds up the news into a quick and easy read. Russian news agency TASS reports that Bank of Russia, the nation’s central bank, will develop a national cryptocurrency. At the St. Petersburg International Economic Forum 2017, the regulator’s deputy chairperson Olga Skorobogatova says: […]

Android Pay launches in Russia

Android Pay has now landed in Russia and can be used with an eligible Visa or Mastercard credit or debit card from a supported bank. The supporting banks are AK BARS, Alfa-Bank, B&N Bank, MTS Bank, Otkritie, Promsvyazbank, Raiffeisen Bank, Rocketbank, Russian Standard Bank, Russian Agricultural Bank, Sberbank, Tinkoff Bank, Tochka, VTB24 and Yandex.Money. There […]

Interview: Oliver Hughes, Tinkoff Bank

In an exclusive interview, Oliver Hughes, CEO of Russia’s Tinkoff Bank, talks about its online financial supermarket, maintaining momentum, and how US and UK banks can be occasionally underwhelming.

Game’s on for Sovcombank credit scoring

Russia-based Sovcombank hopes to attract more young people looking to get their first credit card by “gamifying” the credit application process. The project has been carried out with Entrepreneurial Finance Lab (EFL), which developed a new survey-based credit scoring model, and FICO, which handles marketing.

Blockchain and Bitcoin round-up: 11 April 2017

Make the most of your limited time with this brief blockchain and Bitcoin round-up. Featuring Commercial Bank of Qatar, Russia, Waves Platform, and a farmer. The Commercial Bank of Qatar has completed an initial pilot phase using the “first ever” blockchain network to process international transfers in partnership with ABank in Turkey, National Bank of […]

VEB awards core banking system contract to Diasoft

Bank for Development and Foreign Economic Affairs – VEB – a state-owned development bank in Russia, has selected a new core banking system. The contract was awarded to Diasoft, one of Russia’s biggest core banking software providers.

Dash takes a bash at Bitcoin with new allies

Dash, a digital currency and an alternative to Bitcoin, has announced two partnerships in Europe and Russia. BitPanda, formerly known as Coinimal, has added a buy option for Dash on its online brokerage, while Moscow’s exchange, MaRSe, has integrated the digital currency in the “wake of a historic price rise and sustained market demand”. Daniel […]

Nordea Bank Russia takes a risk on Wolters Kluwer OneSumX

Wolters Kluwer’s OneSumX risk and management information systems (MIS) reporting solutions will be implemented at Nordea Bank Russia (NBR). The MIS solution is part of the firm’s business analytics offering. OneSumX is designed to manage finance, risk and compliance and “improve organisational efficiency and profitability”. NBR will specifically use OneSumX risk management for asset and […]

Russian banks and Mastercard launch fintech accelerator

Four Russian banks, Ak Bars, VTB 24, Bank Saint Petersburg and Home Credit Bank have teamed with Mastercard to launch the “first collaborative” acceleration programme for fintech in Russia. Strategic consultancy will be done by Accenture, and representatives of the Central Bank of Russia (aka the Bank of Russia), the Ministry of Communications, the Association […]

VEB issues core banking system tender

Russia-based Bank for Development and Foreign Economic Affairs (VEB), a state-owned development bank, has issued a tender for new core banking software.

Apple Pay launches in Russia

Apple Pay has launched in Russia with partners Sberbank and MasterCard. Russia is the tenth country where Apple Pay has been made available, following the US, UK, Canada, France, China and others. Alexander Torbakhov, deputy chairman of the executive board of Sberbank, says: “Apple Pay is driving the popularisation of contactless payments in Russia and […]

MDM Bank launches single-tap mobile payments; OpenWay provides tech

One of Russia’s major banking players, MDM Bank, has rolled out a single-tap Mastercard Contactless mobile payments option. The service is underpinned by the WAY4 Host Card Emulation (HCE) technology from OpenWay. MDM Bank’s customers can now pay from their Mastercard account with no need to enter a password or PIN code or even activate […]

Tochka Bank launches world’s “first” financial Facebook bot

Russia-based Tochka Bank of the Otkritie Financial Group has launched the world’s “first” Facebook bot for a range of financial services. The bot will allow the bank’s clients to check their accounts, find nearby ATMs using geolocation, call the bank, contact customer support and make payments via Facebook messenger. Elena Budnik, chair of Otkritie Bank’s […]

Sberbank sets up MVNO for mobile banking

Russia’s largest banking group, Sberbank, is to launch mobile banking via a mobile virtual network operator (MVNO). According to Russian business daily Vedomosti, the bank has created a new subsidiary, SB-Telecom, which will act as the MVNO. The development is at the early stage as the new firm hasn’t received any licences yet from Roskomnadzor […]

Russia’s central bank launches blockchain research consortium

The Bank of Russia, the country’s central bank, has set up a blockchain research consortium with several privately-owned Russian banks. The development follows Banking Technology reporting recently that Russian payment platform Qiwi was planning to create such an entity. The central bank’s deputy governor Olga Skorobogatova says: “We developed a technical prototype for message transmission […]

Sberbank to overhaul core banking platform

Russia’s largest banking group, Sberbank, is undergoing a major technology overhaul. The bank’s senior MD of technology, Mikhail Khasin, did a presentation on the bank’s new business development platform at a recent conference, TAdviser SummIT. The initiative is a “revolutionary transformation” of all systems that currently form Sberbank’s core banking platform. He said the new […]

Russia’s Qiwi plans blockchain consortium

Russian payment platform Qiwi is planning to create a blockchain consortium with the nation’s largest banks as its members. According to Russian publication Izvestia, Qiwi will develop standards for the application of blockchain and it has invited B&N Bank, Alfa Bank and Sberbank to join. Dmitry Kashtanov, head of digital business at B&N Bank, says […]

Sberbank builds new digital product, Sberbank Messenger

Russia’s banking giant, Sberbank, has unveiled a new digital product, Sberbank Messenger – a communication platform for users to interact with friends and colleagues as well as with services providers, shops and businesses. It can be a person-to-person communication or by using artificial intelligence (AI) applications. The solution will be in beta testing later this […]

Russia’s largest bank joins Wolters Kluwer customer list

Russia-based Sberbank has implemented Wolters Kluwer’s risk management solution, OneSumX, to streamline its treasury operations. OneSumX will enable the bank to perform dynamic simulation, market risk analysis and liquidity risk analysis, says the vendor. There was an extensive system selection, says Wolters Kluwer, with around 30 providers on the long list. Andrey Prudnikov, treasury director […]

Russia’s NSD introduces off-exchange settlement

Russia’s central securities depository NSD has implemented back-to-back settlement technology for off-exchange delivery-versus-payment transactions with securities denominated in Russian rubles. The bank accounts and transactions may be in rubles, US dollar, Euro and Chinese yuan.

Boat adds Russian instruments to trade reporting service

Boat Services now supports the post trade publication of Russian OTC trading, by including stocks listed on the Moscow Exchange. The addition covers more than 300 Russian security instruments, including common and preferred stocks.

Russia’s NSD revamps reference data amid transparency drive

Russia’s NSD central securities depository has launched a joint project with Interfax information agency to coordinate their efforts for the development of a system of assessing the fair value of financial instruments. The move is part of an ongoing government reform agenda designed to turn Moscow into an international financial centre.

BCS boosts cross sales with IBM Commerce campaigns

Russian investment banking firm BCS Financial Group says using IBM Commerce to create and manage personalised marketing campaigns has increased cross sales of its online trading, brokerage, and investment strategy consulting services have increased by 20% in six months.

Moscow market reforms battle capital flight

Despite tensions between Russia and NATO over the situation in east Ukraine, the underlying internationalisation and reform agenda in Moscow has not changed, according to Russian broker BCS.

Russian DMA service targets investment banks

As Russia’s revitalised Moscow Exchange begins to command increased attention from global investment banks and hedge funds, a new direct market access service says it can unlock trading features that may not previously have been available to many international investors.

Ukraine, Turkey and Russia crises pose banking challenge

Political turbulence in the Ukraine, Russia and Turkey this year produced disagreement between senior financial industry executives at a FIX Trading Community conference in London yesterday, with some arguing that politics should not be allowed to detract from the longer-term rise of non-western economies and others arguing the opposite.

Russian firm streamlines customs payments with BPC systems

Russian online customs specialist firm Multiservice Payment System has begun using a new system designed by Swiss tech firm BPC Banking Technologies, which promises to make customs easier by combining a web portal with an e-declaration service via POS terminal.

Russian bonds make debut at Euroclear Bank

Russia’s securities markets have taken another step forward with the decision by Euroclear Bank to launch post-trade services for Russian corporate and municipal bonds on 30 January, via its relationship with Russia’s newly established CSD the National Settlement Depository.