IMPEXBANK
IMPEXBANK implemented IFS Applications in just four months, doing most of the work with in-house resources. Almost immediately, the bank saw the results in the form of more efficient work processes and improved back-office management.
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Seeking greater efficiency
In 2001 the senior management of IMPEXBANK initiated a process to procure a set of business applications that would improve efficiency at its branches and implement the tools for enhanced back-office operations management. The new software was required to provide accounting and analytical record keeping, monitor non-operational expenses, automate the budget process, and improve storage operations.
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“Implementation was fast and easy because of the openness and flexibility of IFS Applications”
Alexei Gerasimov, IT director at IMPEXBANK
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Open system makes integration easier
IMPEXBANK issued an invitation to tender and looked at a number of business applications. As a result, the component-based ERP system, IFS Applications, was selected. In February 2002 IMPEXBANK signed an agreement with CFS, an IFS joint venture company serving Russiaand CIS countries. Deliveries included financials and distribution solutions from IFS Applications. There were several reasons for choosing IFS Applications. To begin with, IFS Applications offered the closest match to the functional requirements detailed by IMPEXBANK. Also, the solution offered an open, state-of-the-art architecture that makes it easier to integrate with other bank systems. It also completely matched the bank’s Sun Solaris/Oracle platform requirements. Local presence and knowledge of local conditions were also important. IFS had carried out a number of successful implementations in Russiaand could offer local implementation consulting and after sales support.
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Rapid implementation step by step
Following typical IFS methodology, the project was implemented in several steps to ensure minimal disruption of operations. Initially, special attention was paid to the development of the analytical accounting structure in IFS Applications that was to be used for reporting expenses at cost centers. The flexibility and adaptability of IFS Applications meant that it was possible for IT specialists from the bank to do most of the implementation themselves. The combination of their specialist competence with respect to the bank’s back-office processes and the ease with which IFS Applications can be implemented ensured that the first components went live after only four months. “The successful implementation of IFS Applications in our bank was to due to a great extent to support from senior management, highly qualified personnel, and not least to the openness and flexibility of the system,” says Alexei Gerasimov, IT director at IMPEXBANK.
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Software IFS Financials
IFS Distribution
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Greater operational efficiency
As of the summer of 2003 the supplier’s base is completely automated, as are supplier and customer agreements, settlements with suppliers, and analytical expenditure accounting, which is managed by cost centers. In addition, the bank is benefiting from IFS solutions for expense accounting, inventory transactions accounting and expense reporting. IFS Applications has also made it possible to significantly improve the operational efficiency of the bank. The compatibility of IFS Applications with the other systems being utilized by the bank made it possible to seamlessly integrate the solution with IMPEXBANK’s automated banking system (ABS). This enabled the bank to streamline its automatic document generation processes and greatly improve the production of consolidated analytical reports. About Impexbank
The Central Bank of the Russian Federationincludes IMPEXBANK, founded in 1993, among the 30 major banks in the country rated by assets. It is also ranked among the top 15 Russian retail banks, maintaining one of the largest branch networks in the Federation.
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