31 Jul 2024

CS Company and OTP Bank Moldova have achieved significant success in implementing a range of projects, which include both the development of existing solutions and the launch of new initiatives. Our collaboration has demonstrated impressive results in the adoption of innovations aimed at enhancing banking processes and customer service.

The long-awaited outcome was the implementation of seamless end-of-day closure, which was essential for the successful introduction of instant payments at OTP Bank Moldova. Integrations with the national counterparty database M-Connect and MPAY, which are now widely used in the production environment, have been crucial in strengthening the bank's position on the Moldovan market. These projects play a vital role in ensuring the efficiency of banking operations and their compliance with the requirements of the National Bank of Moldova (NBM).

In 2023, the teams from CS and OTP Bank Moldova implemented a series of new projects aimed at effectively responding to complex challenges and implementing comprehensive banking products:

• Seamless end-of-day closure. The functionality, introduced by the CS team in the CBS B2, allows the bank to process transactions simultaneously in two operational days: the old day, which has not yet closed, and the new day, which has already begun.
  his ensures 24/7 availability of services without the need to pause the system for day closure, an important feature that meets modern requirements for reliability and continuity.
• Instant payments. The introduction of seamless end-of-day closure and integration of the CBS B2 with Moldova's national banking system, Central Alias Service (CAS), has enabled instant peer-to-peer (P2P) transfers in just seconds, available 24/7. This innovation is part of a broader strategy to modernize the country's payment system. Next on the agenda is the expansion of instant transfer functionalities to include business entities and the implementation of instant payments via QR codes. This advanced technology significantly simplifies and speeds up payment processes, meeting the demands of the modern digital world.
• Loan with compensation. This solution, integrated into CBS B2, greatly simplifies and automates the process of accruing state compensations for subsidized loans in the Republic of Moldova. This functionality eases the administration of interest rates and reimbursements while ensuring data accuracy in banking reports without significant changes to the user interface.
• Integration with M-Connect. This solution provides direct integration of OTP Bank Moldova's CBS B2 with the state database of counterparties, allowing real-time verification and processing of information about individual clients. The use of Personal Identification Numbers (PINs) and birth dates for data verification in the M-Connect system simplifies the process of registering new clients, ensuring data accuracy and service speed.
• Integration with MPay, the government electronic payment system of the Republic of Moldova. The solution encompasses a full range of functionalities for automating social payments under the benefits of the National Social Insurance Fund (NSIF) and receiving payments through MPay Salary. CBS B2 automates the subscription of bank clients to payments and social benefits through the MPay system, crediting these payments to individual accounts, and confirming the execution of these accruals for government system. Employees of public companies can choose to receive their salary and benefit payments at any bank that implements this integration. Additionally, the solution provides a mechanism for employers to interact with MPay by submitting lists of employees with specified benefits, such as sick pay. 
• Brokerage operations. This subsystem is designed to organize the process of conducting brokerage operations with securities traded on Moldova's stock market.
• KYC (Know Your Customer) Notifications. Enhanced functionality provides systematic notifications to the bank employees and clients about the need to update information or documents related to KYC requirements. This covers documents expiry, time for re-identification, and other instances that require changes in client data.

In addition, CS began work on integration with debtor accounting systems, while analytical work for integrating the CBS B2 with an external system for accounting leasing operations is nearing its completion. The CS team provides continuous support and training to OTP Bank Moldova in the use and optimization of CBS B2. Together, we have implemented a program that has enabled bank specialists not only to refine their existing skills with CBS B2 but also to develop in-house efficient automated tests for software updates.

We are proud of our collaboration with OTP Bank Moldova and are confident in our future projects, aimed at enhancing the quality of banking services.