Uzbekistan's People's Bank selects Finastra to transform ris
- Fusion Risk will integrate with bank's core banking system and automate processes whilst enabling the bank to comply with Uzbek and global regulations
LONDON, July 30, 2020 /PRNewswire/ -- Finastra announced today that People's Bank, a retail and commercial bank in Uzbekistan, is deploying Fusion Risk. The technology will automate the bank's risk management business, enabling it to become more efficient, whilst managing all types of risk including credit, market, operational, liquidity and interest rate. Finastra partners, local fintech FinExtra Group and IT solution developer Neoflex, are carrying out the implementation, enabling the bank to meet local and international regulatory requirements.
Farkhod Salamov, Chairman of People's Bank said, "Finastra has a tightly integrated, best-in-suite product range that's ideally suited to supporting People's Bank's risk management operations. It's important that we can deploy a solution that integrates easily with our existing core banking system, that is cost-effective, and also scalable to grow with our needs in the future. Being able to work with partners on the ground who know local regulations was a key factor in choosing Fusion Risk. The tight collaboration between Finastra, the local partners and ourselves will be essential as we roll out the new functionality across the bank over the coming months."
Fusion Risk is a fully automated, end-to-end risk and compliance solution that will enable People's Bank to manage its day-to-day operations and provide it with powerful analytics to address long-term strategic business planning. The solution will provide a single point of control, improving the user experience for its users. The full functionalities of Fusion Risk are expected to be implemented as part of the transformation, including asset and liability management of the bank (ALM), transfer-pricing calculation (FTP), and automation of various international regulatory requirements, such as IFRS 9 and Basel II/III.
Wissam Khoury, SVP and General Manager APAC and MEA at Finastra said, "Fusion Risk will enable People's Bank to eliminate the complexity around its resources and regulatory compliance. Working with the teams of experts from Neoflex and FinExtra Group, who are experienced in implementing complex information systems, means that we are able to implement a global solution that is tailored to the local requirements of Uzbekistan."
FinExtra Group, a fintech based in Uzbekistan, is working with Finastra and People's Bank to connect Fusion Risk to the bank's own system. The solution's built-in data extraction tool will enable data mapping between the two systems in an efficient and accurate way.
Neoflex is responsible for ensuring the solution meets the requirements of the Central Bank. Neoflex recently received Finastra's Ultimate Expert award, and Finastra's highest partner status for the implementation and support of Fusion Risk in Europe, the Middle East, and Africa.
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Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world's top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers. Learn more at finastra.com
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Neoflex creates IT platforms for digital business transformation, which help our customers gain a sustainable competitive advantage in the digital era.
We focus on custom software development and implementation of complex information systems using сutting-edge technologies and modern methodologies.
Our industry and technological expertise, enhanced by our own software accelerators, allow us to solve business tasks of any level of complexity. Among our customers are more than half of the Russian's top-100 banks, 11 bank of world's top-100, as well as companies from 19 countries in Europe, Asia and Africa. Learn more at www.neoflex.ru.
About FinExtra Group
FinExtra Group is an Uzbek fintech company working to support banks' digital transformation by localizing the best bread of banking technologies to the local market. FinExtra Group is the first fintech in Uzbekistan to provide and support new products through its reputable international partners in areas such as risk management, treasury, trade finance and Islamic Banking.
Learn more at www.finextragroup.com