Fidelity National Information Services (FIS), a Fortune 500 company and a leading provider of core processing, card issuer and transaction processing services to financial institutions, today announced the successful implementation of its advanced core processing solution, FIS Profile, at Renaissance Credit in Russia.
Replacing outdated legacy technology, the FIS Profile system is now live and supporting the bank's high-volume consumer lending business.
Conducting business in 66 regions in Russia, Renaissance Credit offers instalment and general purpose loans, credit cards and auto loans. Encouraged by growing consumer confidence in Russia, the bank chose FIS Profile to replace its existing loan-book technology because Profile could scale to their needs and yet be flexible enough to adapt to the unique requirements of the Russian banking market.
FIS Profile is a strategic, real-time core banking system targeted to leading global institutions that require exceptional scalability, reliability and business continuity. Profile's integrated architecture contains all of a bank's customer data and deposit and loan accounts within a single logical system of record. An extensive inventory of configurable components is shared across all product lines to support loan and deposit products. This unique application design improves operating efficiency while dramatically accelerating the time to market of new products and services.
"One of our bank's main advantages is its high-level technological base," said Alexey Levchenko, chairman of the management board of CB Renaissance Capital (OOO). "The Profile implementation became the next step of its development and we are glad that this project was completed successfully. This project will help us to work with huge amounts of information effectively and provide superior customer services."
A team of FIS experts, working in close collaboration with local contractors EGAR Technology and Neoflex and the bank's own IT staff, helped ensure Profile's smooth and fully integrated implementation into Renaissance Credit's back-office operations.
"The Russian banking industry is very different to other European markets," commented Mark Davey, managing director for FIS EMEA. "Its regulatory reporting make-up is extremely complex and multifaceted and Renaissance Credit needed a system that would fully comply with Russian accounting and reporting demands. Many traditional banking software vendors have found these requirements extremely challenging.
"With Profile operating flawlessly for several months in Renaissance Credit," Davey continued, "we have proven that Profile can adapt to Russian requirements and fit the needs of even a very large and sophisticated bank, bringing to the Russian market the vast array of functional and technical advantages that this truly global system offers. This hugely successful FIS project is particularly significant for us because it is our first Profile implementation in Russia and based on this success, we expect many other banks in the region to benefit from our solutions."