Russia’s Promsvyazbank sets up IT development firm

By Andrei Skvarsky.

One of Russia’s biggest private banks, Promsvyazbank, has set up a company to develop software that would primarily be used by the lender itself but might also be offered for sale to other firms.

The new company, Banking Technology Innovation Centre (BTIC), will take over all of Promzvyazbank’s IT work. It will be staffed by about 150 people to be moved over from the bank, Promsvyazbank said in a statement.

Andrei Ovsyannikov has been appointed as head of BTIC, having being transferred from the position of head of IT at Promsvyazbank.

“The Centre’s key focus areas will include the development of a single platform for front office banking, software modules and solutions for regulatory interface, and a platform for corporate technology integration solutions,” the statement quoted Ovsyannikov as saying.

Promzvyazbank deputy chief executive Andrei Leushev said the lender “intends to use applications developed to new standards but will also remain open to third-party applications: a team of 150 in-house developers will not be able to cover all the needs of a large bank like ours”.

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