Eurasian Bank signs for C&W Thaler
August 06. Finextra
Callatay & Wouters, a provider of core banking and multi-channel distribution solutions, has announced today that Kazakhstan based Eurasian Bank selected its flagship product, Thaler, to support its retail activity.
The deal signifies Callatay & Wouters’ first step into the Russian/CIS (Commonwealth of Independent States) market, expanding its global footprint. It is also the first implementation contract to be carried out together with its business partner, R-Style Softlab, in the region.
As the existing prime contractor, R-Style Softlab currently provides Eurasian Bank with its own banking software, RS-Bank V.6. Already active in the corporate banking space, Eurasian was looking to expand its retail offering further. To support this, the bank required a flexible retail core banking platform, able to handle high volumes and to support its international growth. Through a recommendation from R-Style Softlab and for the added flexibility and functionality it would bring, Thaler has been chosen to take over the bank’s retail operations. The system’s specific components will manage deposits, loans and payments segments within Eurasian’s retail business. RS-Bank V.6 will be responsible for the general ledger and reporting aspects, to mitigate any risks that could arise from using a Western system in Kazakhstan’s banking market, with its specific laws and tax requirements. Both systems will be closely integrated.
As part of the deal, R-Style Softlab will be responsible for the implementation and localisation of Thaler, with Callatay & Wouters providing consultancy support throughout the project. This combination of a local contractor with an in-depth understanding of the CIS banking market and Callatay & Wouters’ expertise and international credentials contributed to Eurasian Bank’s decision to opt for Thaler.
Thaler is a scalable core banking system that includes functionality for deposits, loans, securities, treasury and payments as well as multi-channel distribution modules. Callatay & Wouters’ product line is designed to run either as an end-to-end solution, covering the entire range of core banking activities, or on a modular basis to support individual lines of business.
The implementation of Thaler at Eurasian Bank will take place in two stages, with the introduction of some back-office functionality scheduled for December this year. The second phase, which will involve the roll-out of Thaler B2N across the bank’s branch network and the deployment of the remaining back-office modules, will commence in May 2010. The system will support 18 branches and 40+ offices across Kazakhstan.
Galina Kipervarg, vice-president R-Style Softlab, comments: “Building on the strengths of Thaler, we have been working with Callatay & Wouters to deliver a solution fully customized for the CIS markets. The extent and accuracy of the customization make this project almost one of a kind in the banking space. Eurasian Bank will benefit from a best in class core banking system able to successfully operate to its full potential in these new regions.”
Larisa Kolesnichenko, CIO, Eurasian Bank, comments: “By installing Thaler, we will have extra retail functionality enabling us not only to provide additional services and broaden our customer base, but also to compete cross border. Furthermore, the implementation done by R-Style Softlab combined with the expertise of Callatay & Wouters gives us the confidence that we are gaining an internationally recognised system that can also handle our local requirements. This is crucial to us.”
Marc De Groote, CEO, Callatay & Wouters, adds: “As our first contract in the Russian-speaking region, this is a significant deal for our company. It demonstrates Callatay & Wouters’ ability to enter any market and be able to meet local needs, whether by ourselves or via our substantial partnership network. It also showcases Thaler as a powerful solution that can support a wide range of client preferences and choices.”