VEB head office, Moscow
Bank for Development and Foreign Economic Affairs – VEB – a state-owned development bank in Russia, has selected a new core banking system.
As reported earlier this year by Banking Technology, the bank has been looking to replace its legacy CFT-Bank system from domestic developer Centre of Financial Technology (CFT).
The contract was awarded to Diasoft, one of Russia’s biggest core banking software providers (and a major rival of CFT).
Diasoft will supply its flagship Diasoft FA platform, based on the Oracle 11g database.
The budget of the project is RUB 282.6 million ($4.9 million). This includes perpetual licence and technical support for one year.
Six domestic companies bid for the deal: Colvir, New Athena, R-Style Softlab, Flexsoft, BIS and Diasoft. It is understood that VEB’s incumbent supplier, CFT, did not take part in the tender.
The two main criteria were price (30% weighting) and technical requirements (70%). It is understood that Diasoft got the highest score for the latter, even though its price was considerably higher than that of its rivals.