Credit Bank of Moscow Partners with Diasoft to Automate Its Custodian Accounting

Thursday, May 23, 2019

Credit Bank of Moscow, a large universal bank of Russia, has been implementing a portfolio of projects for automation of its custodian accounting processes. Together with Diasoft, the bank has completed several large-scale projects associated with regulatory compliance of custodian operations and support of the international settlement system Euroclear. 
The bank launched the portfolio of projects for automation of its custodian accounting to support its business strategy and ensure high speed of business growth without reducing the efficiency and performance of operations. The automation allows Credit Bank of Moscow to minimize its regulatory compliance risks and focus on its business development goals. To successfully implement this strategy, the bank partnered with Diasoft, a provider of modern solutions for the global financial services industry.
“For several years, the bank has been successfully using Diasoft FA# Beans for support of its custodian business. That is why we address our partner every time when we need to automate new business processes or update the existing ones. Our joint efforts already resulted in automation of a significant amount of the bank’s internal custodian processes and allowed us to get ready for new regulatory requirements”, said Olga Svanidze, Head of Custody, Accounting and Tax Department at Credit Bank of Moscow
At Credit Bank of Moscow, Diasoft supported the new regulation of the Bank of Russia on custodian operations. The new requirement regulates generation of accounting records based on custodian accounting documents and documents on management and transfer of rights for securities. The project scope included implementation of separated accounting for securities and functional enhancements in reporting. 
To support changes in corporate actions and the increasing information flow in this area, Diasoft automated the bank’s process for exchange of messages with the National Settlement Depository via a file gateway. The project was based on the Custody solution of the Diasoft FA# Beans suite – a modern solution that supports management of different types of corporate actions on securities. 
Diasoft also helped Credit Bank of Moscow to automate securities settlements via international settlement systems: Euroclear, Clearstream. The project was implemented within a record-breaking 1.5-month period. Within the project scope, the bank installed the “Securities SWIFT Messages” component of Diasoft FA# Beans, Custody. The solution ensured support of the electronic exchange of Category 5 ISO 15022 messages on securities. 
“We want to thank our Customer for its trust to Diasoft in automation of a large scope of custodian operations”, commented Maxim Seleznyov, Head of Product, Diasoft FA# Beans, Custody, at Diasoft, “We hope that the implemented functions and planned future projects will make a valuable contribution to the bank’s rapid technological development and business expansion”.
The partners continue to develop functional enhancements for the existing solutions based on the bank's requirements. They also discuss plans for support of other lines of the bank’s business.