2024 became a period of comprehensive growth and important achievements for CS. The company successfully implemented large-scale projects to modernize the banking sector of Ukraine, expanded its international presence in Moldova and Uzbekistan, presented new technological solutions, and strengthened social initiatives.
Support for the Transformation of Ukraine’s Financial Industry
CS continues to strengthen its position as a key technological partner of Ukraine’s banking sector. Today, 62% of the country’s banks use the company’s products, including 10 of the 15 systemically important banks. This high level of trust places a special responsibility on us to ensure the stable operation of the country’s financial system.
Successful Launch of Instant Payments
One of the most important projects of the year was preparing the banking sector for the implementation of an instant payment system as part of the updated SEP-4.1 version. CS successfully developed and implemented a technological solution that allowed client banks to be the first in the country to start working with instant payments. Currently, five of the ten banks already working with the instant transfer system use CS solutions.
Adaptation to European Standards
In the process of harmonizing the Ukrainian banking sector with EU norms, CS provides comprehensive technological support for changes in banking software. An important component of this work is constant interaction with the National Bank of Ukraine and partner banks to find optimal technological solutions.
During 2024, the CS team held nine meetings with bank representatives regarding the implementation of Credit Register 2.0, developed and implemented a solution for working with the new capital structure according to NBU requirements, continued work on supporting the international standard SWIFT ISO20022, and became a member of the UkrSWIFT association.
This proactive approach to modernizing banking systems allows the company’s partners to respond to new regulatory requirements in a timely and efficient manner.
Development of Front-Office Systems
In 2024, significant attention was paid to expanding the capabilities of CS front-office solutions: iFOBS internet banking, iFOBS.Mobile mobile banking, CFRONT integration platform, and others.
Among the key implementations were the transition to a new key certification center and the implementation of a module for working with payment instructions (requirements) in the iFOBS remote banking system for corporate clients of the State Export-Import Bank of Ukraine. New projects were launched: “Currency Contract Card,” “Trading Platform,” and an internet banking performance monitoring system at OTP Bank.
Additionally, in 2024, individual implementation of the “Asynchronous Statement” functionality for Kredobank, “Multi-user” and SOFToken projects for Bank Lviv, and the implementation of an electronic document flow module between the bank and clients at the Bank for Investment and Savings were carried out.
Special attention was paid to supporting government programs. Card projects for “eRenovation,” “eBook,” “eVeteran,” and the “National Cashback” program were successfully implemented at Bank Globus.
More and more banks are transitioning to the new web version of iFOBS for corporate clients, providing users with a modern interface and expanded capabilities. In 2024, redesign projects were started by KOMINBANK and Bank Globus. Our new customer, Bank Credit Dnipro, also chose the new technological solution for remote customer service.
Support for Non-Banking Financial Institutions
An important step was the adaptation of CBS B2 for operation in non-banking financial organizations. The new B2ng::FIN solution allows financial institutions to abandon the use of Russian software and switch to modern software.
The distinctive feature of CS’s B2ng::FIN development lies in the possibility of phased implementation of functionality according to the needs and gradual growth of the organization. Any business process that a financial company may encounter now or in the future is highly likely to be already automated in CBS B2. Based on this experience, B2ng::FIN functionality can be easily adapted to growing needs without unnecessary revolutionary changes in the IT infrastructure of the user company.
International Development
Strategic Projects in Moldova
As part of the MICB4YOU digital transformation program, CS successfully completed the implementation of the CS::BM corporate data warehouse and CS::BI analytical system at Moldindconbank, one of the largest and systemically important banks in the Republic of Moldova. A special feature of the project was the synchronization of the data warehouse launch with the commissioning of CBS B2, which ensured continuous access to analytical data for more than 15 bank departments from the first day of system operation. Importantly, 75% of the more than 250 implemented analytical reports were developed by the bank’s team independently after training from CS specialists, which indicates the high operational independence of the institution in working with the system.
The comprehensive digital transformation of Moldindconbank also included modernizing customer remote service systems. In particular, a unique project was implemented to integrate mobile banking with a solution from European authentication systems developer Wultra.
Another significant project in 2024 was implemented at OTP Bank Moldova, where CS became a technological partner in implementing an instant payment system. The project included comprehensive modernization of CBS B2 for 24/7 operation and integration with the national Central Alias Service (CAS). The developed solution ensures payments within 5 seconds in a 24/7 mode.
Continuing cooperation with FinComBank in Moldova, CS expanded the functionality of the bank’s remote service systems by implementing the iFOBS.eSalary payroll module in the mobile application, which enhanced the bank’s capabilities for serving corporate clients.
Expanding Presence in Uzbekistan
An important stage of development in the Uzbekistan market was the implementation of a project in the microfinance company Agat Credit, where B2ng::FIN in 2024 provided full automation of credit processes and back-office operations: from receiving a loan application to its full repayment. This project continued the successful series of CS solution implementations in the country, which began earlier with cooperation with Capital Bank and Uzum Bank.
Taking into account changes in the regulatory environment of Uzbekistan regarding the introduction of Islamic financing for MFIs, CS began work on adapting its solutions to support Islamic financial products. The development of this direction opens strategic opportunities for the company to enter new markets in Central Asia and the Middle East, where Islamic banking is an important part of the financial system.
Social Responsibility
In 2024, CS created its own charitable foundation, CS4UA, through which it directs up to 1 million hryvnias monthly to support the Armed Forces of Ukraine, medical institutions, and centers for internally displaced persons. This was a logical continuation of the company’s long-standing social activities.
CS continues to support the development of young talents. The company was a partner of the Hack4Innovation student hackathon, where teams from Ukrainian universities worked on innovative solutions for the financial sector.
The creation of its own charitable foundation and the successful implementation of educational projects confirmed CS’s status not only as a technological leader but also as a socially responsible business.
Looking to the Future
Despite difficult conditions, the company continues to invest in technology development and support for the financial sector.
CS Director Dmytro Radchenko
In the conditions of a full-scale war and the simultaneous transformation of Ukraine’s banking system, our role is not only to create technological solutions but also to ensure the stability and reliability of the financial sector. We are proud that in such difficult conditions, we can support our clients in implementing the most modern financial technologies and contribute to the integration of the Ukrainian financial system into the European space.
