31 Jan 2025

2024 marked a year of comprehensive growth and significant milestones for CS. The company successfully delivered major modernization projects across Ukraine's banking sector, strengthened its international presence in Moldova and Uzbekistan, rolled out innovative technological solutions, and expanded its social impact initiatives. 

Supporting the Transformation of Ukraine's Financial Industry 

CS has further cemented its position as the leading technology partner in Ukraine's banking sector. The company's solutions are now utilized by 62% of the country's banks, including 10 of the 15 systemically important banks. This level of trust comes with significant responsibility for ensuring the stability of the nation's financial system. 

Successful Launch of Instant Payments 

A standout achievement this year was preparing the banking sector for instant payments implementation within the upgraded SEP-4.1 framework. CS developed and implemented a cutting-edge solution that enabled its client banks to be first-to-market with instant payment capabilities. Currently, five out of ten banks already offering instant transfers are running on CS's platform. 

Adaptation to European Standards 

As Ukraine's banking sector moves toward EU compliance, CS provides comprehensive technological support for banking software adaptation. This involves continuous collaboration with the National Bank of Ukraine and partner banks to develop optimal technical solutions. 

Throughout 2024, the CS team held nine consultations with banks regarding Credit Registry 2.0 implementation, delivered a solution for the NBU's new capital structure requirements, continued work on SWIFT ISO20022 international standard support, and joined the UkrSWIFT association. 

This proactive approach enables partner banks to respond promptly and effectively to new regulatory requirements. 

Front-Office Systems Development 

2024 saw significant developments in CS's front-office solutions, including iFOBS internet banking, iFOBS.Mobile, the CFRONT integration platform, and other solutions. 

Major implementations included a new key certification center and a payment instruction processing module in the iFOBS remote banking system for corporate clients of the State Export-Import Bank of Ukraine. The company also launched new projects including the Currency Contract Card, Trading Platform, and an internet banking performance monitoring system at OTP Bank. 

Other achievements in 2024 included custom development of Asynchronous Statement functionality for Kredobank, Multi-user and SOFToken solutions for Bank Lviv, and implementation of an electronic document management system between the bank and clients at Bank for Investments and Savings. 

The company also strengthened its support for government programs. Bank Globus successfully implemented card solutions for eRecovery, eBook, eVeteran, and the National Cashback program. 

More banks are adopting the new web-based iFOBS platform for corporate clients, which provides a modern user interface with enhanced capabilities. COMINBANK and Bank Globus initiated redesign projects in 2024, while Bank Credit Dnipro, a new client, selected our solution for their remote banking services. 

Support of Non-Banking Financial Institutions 

A significant step was adapting the B2 core banking system (CBS) for non-banking financial organizations. The new B2ng::FIN solution enables financial institutions to transition from Russian software to modern software solutions. 

B2ng::FIN's key advantage lies in its ability to implement functionality in phases according to organizational needs and gradual growth. Nearly any business process a financial company might need now or in the future is likely already automated in the B2 CBS. Based on this experience, B2ng::FIN functionality can be easily adapted to growing needs without unnecessary revolutionary changes to the client's IT infrastructure. 

International Development 

Strategic Projects in Moldova 

As part of the MICB4YOU digital transformation program, CS completed the implementation of its CS::BM data warehouse and CS::BI analytics system at Moldindconbank, one of Moldova's largest and systemically important banks. The project uniquely synchronized the data warehouse launch with the B2 CBS deployment, providing continuous analytical access to over 15 bank departments from day one. Notably, the bank's team independently developed 75% of their 250+ analytical reports after CS training, demonstrating the institution's high operational independence with the system. 

Moldindconbank's digital transformation also included modernizing their remote banking systems, featuring an integration between mobile banking and Wultra's European authentication solution. 

Another significant project in 2024 was at OTP Bank Moldova, where CS served as the technology partner for instant payment implementation. This involved upgrading the B2 CBS for 24/7 operations and integrating with the national Central Alias Service (CAS), enabling 5-second payment processing around the clock. 

The company also expanded its partnership with FinComBank in Moldova, enhancing their remote banking capabilities with the iFOBS.eSalary payroll module in their mobile app, strengthening their corporate banking services. 

Expanding Presence in Uzbekistan 

CS expanded its presence in Uzbekistan through its implementation at Agat Credit microfinance company. The B2ng::FIN solution provided complete automation of lending processes and back-office operations in 2024, from loan application through final repayment. This success builds on CS's earlier implementations with Kapital Bank and Uzum Bank in the country. 

Responding to Uzbekistan's regulatory changes regarding Islamic financing for MFIs, CS began adapting its solutions to support Islamic financial products. This strategic direction opens opportunities for expansion into new markets across Central Asia and the Middle East, where Islamic banking is an important part of the financial system. 

Social Responsibility 

In 2024, CS established its charitable foundation, CS4UA, which directs up to 1 million hryvnias monthly to support the Armed Forces of Ukraine, medical facilities, and centers for internally displaced persons. This initiative extends the company's long-term social activities. 

CS continues fostering young talent through initiatives like the Hack4Innovation student hackathon, where teams from Ukrainian universities developed innovative solutions for the financial sector. 

The establishment of CS4UA and successful educational programs reinforce CS's position not only as a technology leader but as a socially responsible business. 

Looking to the Future 

Despite challenging conditions, CS continues to invest in technology development and financial sector support.

CS Director, Dmytro Radchenko: 

"In the context of a full-scale war and the ongoing transformation of Ukraine's banking system, our role extends beyond developing technological solutions to ensuring the stability and reliability of the financial sector. We take pride in supporting our clients' implementation of modern financial technologies and facilitating Ukraine's integration into the European financial space, even under these challenging conditions."