Client

Our client comprises a group of banks in the Balkans, affiliated with the European Group Bank, one of Central and Eastern Europe's largest financial services providers. With 44,000 employees, they serve 16.2 million clients across 2,800 branches in seven countries: Austria, Czech Republic, Slovakia, Romania, Hungary, Croatia, and Serbia.

Challenge

Qinshift has been supporting the bank since 2015, to resolve different challenges to their digital transformation. Our client faced the challenge of enhancing the business logic across various banking areas while striving to deliver stable solutions within a defined timeframe. They required new, more efficient solutions and swift optimizations of their existing systems. Simultaneously, they needed quality support and resources to meet their deadlines.

Solution

Qinshift addresses banks challenges by implementing and supporting variety of solutions:

·         New treasury module: We developed a cutting-edge module for managing treasury deals across Front, Middle, and Back office operations. This versatile module enables the bank to process deals, SWIFT payments, automated bookkeeping, integration with other financial systems, and reporting with remarkable efficiency.

·         New SWIFT application: A brand-new application was created to process TARGET2 and CBPR+ SWIFT reclamation messages in line with the SWIFT ISO 20022 standard. It features capabilities such as processing incoming and outgoing MX reclamation messages, integration with other bank modules and applications, automated bookkeeping, and comprehensive reporting.

·         Investment advisory tool: In compliance with the European regulation MiFID, Qinshift developed a new tool for investment advisory, allowing the bank to inform and recommend market products tailored to their clients' needs. This tool provides investment advice based on client data, including knowledge, experience, investment goals, financial assessments, and investment risk.

·         Currency transition in Croatia: Croatia's shift from HRK to EUR as its national payment currency in 2023 had a widespread impact on various bank modules and solutions. Qinshift successfully implemented EUR as a domestic currency within the Treasury module, involving adjustments to calculation formulas, product setups, standard settlement instructions, bookkeeping, and existing deals and contracts.

·         Optimization of salary processing application: Optimization efforts streamlined the application for processing salary lists and payments, resulting in new screens, process automation, enhanced reports, and more.

Benefits

·         Optimized products and services: Redesigning the core banking SW, satellite systems, and reporting allowed the bank to integrate new functionalities, enhance day-to-day operations, and offer modern services and products to customers.

·         Smooth transition to modern technology solutions: Our solutions facilitated the transition from an older environment and database structure to a new, improved NET and PLSQL environment with an optimized database structure. The new system is faster, scalable, and adaptable, enabling rapid changes and modifications.

·         Fast and efficient Implementation: Our work, both on-site and off-site, delivered all deliverables on time and with the desired quality.

·         Long-term partnership: Qinshift played a pivotal role in refactoring and redesigning the bank's legacy systems, upgrading to new, improved, and optimized systems with the latest technologies, leading to a strategic partnership.

With these solutions, our client achieved a seamless transition towards modern technology, optimized their operations, and built a strong foundation for future growth and success.