Center of Financial Technologies (Ofer Abarbanel online library)

Center of Financial Technologies (CFT) (Russian: Центр Финансовых Технологий, Centr Finansovyh Tekhnologiy) is a Russian software company that provides software solutions and services to financial, healthcare and public sectors. It has been described as “Russia’s national payment system (like PayPal for Russia)”. [3] It is among the five largest software developing companies operating on the CIS market.[4]

Operations

The Company offers banking software and processing services:

Banking software

In financial services, the company’s software is used in retail banking and corporate banking to automate processes. CFT also provides solution to capital market activities.

  • 2MCA (Mission Critical Application) – universal banking system designed for federal and multi-divisional banks.
  • CFT-Bank (based on Oracle) – core banking system for operation, accounting, management systems automation.
  • CFT-Retail Bank (based on Oracle) – retail banking solution.
  • CFT-Data Warehouse (based on Oracle) – centralized information and analytic system for a corporate data warehouse.
  • CFT-Front Office – front retail banking system
  • CFT-Budget Planning, CFT-Management Accounts, bank management systems – systems for budgeting and management accounts.

Processing services

  • Zolotaya Korona: Russian payment system that provides cash and cashless services. The system unites over 160 participants in 75 regions of Russian Federation and the CIS. As of January 1, 2009, the number of cards emitted in the system was 14,382, 223. The total turnover in the system reached 415.8 billion rubles.[5]
  • Zolotaya Korona – Money Transfers: instant money transfers without account opening, that unites over 20,000 points on the territory of RF and CIS, 220 banks and retailers; integrated with MoneyGram system.
  • National bill consolidation system Gorod: collection and processing of utilities and other mass payments.
  • ru: interbank center that provides internet and mobile banking solutions for corporate and retail customers.
  • Processing center CardStandard: provides processing services for emission and acquiring of international payment systems cards Visa International and MasterCard WorldWide.

Market role

CFT Group is among the top five largest software developers on the Russian market.[4] According to IBS Intelligence, CFT occupies the 1st place according to the number of new contracts for core banking system on the Russian and CIS markets.[6] Among CFT customers are such banks as Sberbank of Russia, Gazprombank,[7] MDM Bank,[8] and Uralsib.

Criminal Investigation

On the 17th of November 2016 Russian investigators searched the offices of CFT in connection to the ongoing investigation of the criminal case against Group Board Member and Chairman of CFT Nikolai Smirnov and others under article 127.1 of the Criminal Code ( “human trafficking”).[9] See reference 3 below for an English-language account of this case.

References

  1. ^“CFT Group Results” (in Russian). CFT. March 19, 2010. Retrieved August 17, 2010.[permanent dead link]
  2. ^“Largest IT companies”. CNews. December 12, 2008. Archived from the original on March 2, 2012. Retrieved December 3, 2009.
  3. ^Ellen Trachan (November 2, 2016). “A Surrogacy Story Stranger Than Fiction”. Retrieved January 1, 2017.
  4. ^ Jump up to:ab “Год, когда начался кризис”. Журнал “Деньги”. 14 (790). 2009-04-13. Retrieved January 21, 2010.
  5. ^“RPS Zolotaya Korona: 2009 results”. CFT Group. February 2010. Retrieved August 17, 2010.
  6. ^“The IBS Sales League Table 2010”. IBS Intelligence. March 2010. Retrieved August 15, 2010.
  7. ^“Interview: Alexei Chirokikh, Gazprombank”. IBS Journal. December 14, 2009. Retrieved January 22, 2010.
  8. ^“MDM-Bank goes for CFT platform”. IBS Journal. May 28, 2009. Retrieved January 22, 2010.
  9. ^“В новосибирском офисе Центра финансовых технологий прошли обыски”. bfm.ru. 17 November 2016. Retrieved December 2, 2016.

Ofer Abarbanel online library

Ofer Abarbanel online library

Ofer Abarbanel online library