26 September 2022, 09:00,
Almaty, Kazakhstan
Now the Brokerage Services module spans the complete spectrum of the digital requirements of the Bank’s business
As a result of changes made to some legislative instruments in the Republic of Kazakhstan in 2021, banks now have the opportunity to offer brokerage services to their retail customers. This is a new line of retail banking business where ability to scale successfully is directly dependent on end-to-end business process automation.
The functionality scope available with the Halyk Bank core banking system used to include a set of modules designed to automate a number of brokerage service processes. Those modules did not however support a really broad range of financial instruments, while a number of functions required manual intervention, thus failing to support the Bank in constructing an end-to-end and effective customer service process. We saw this task as a challenge. Working in concert with the Bank’s team, we agreed end-to-end processes and integration points as promptly as possible. We then rapidly performed further module development and functionality upgrade. As a result, Halyk Bank now has in place end-to-end brokerage service process automation eliminating the need for any manual intervention by the operator, while Colvir Software Solutions has obtained new module versions that meet customers’ up-to-date requirements for their business process digitization.
The following new functionality features are worth mentioning:
- ability to leverage external system module functionality including the use to this end of remote customer service delivery channels thanks to the standardized integration interface implementation.
- custodian-wise accounting for financial instrument income distribution
- accounting for income taxes paid
- accounting for ETF financial instruments
- accounting for depository receipt/stock conversion transactions
- accounting for corporate events (SPL/SPLR)
- mandatory Central Depositary report provision for omnibus accounts
- operational report generation on security movements including their holding locations
The history of partnership relations between our company and Halyk Bank Kazakhstan goes back for decades. Since year 2000, working in concert with the Bank’s team we have been setting for ourselves ambitious goals and implementing projects that support the Bank’s business development. Sometimes we have to respond to market changes virtually in real time. «We need the new business to go live in 2 months» — this is roughly how the objective was set in the case of the Brokerage Services project.
Modifications that needed implementing impacted around 80% of module functionality. Despite the complexity of the task and the tight schedule, we have achieved the objective. Our people have successfully implemented the features needed to support the legislative initiatives, and employees of the Bank have already been proactively using those features in their day-to-day operations since January 2022. Once that was in place, we have been pursuing further development and implementation of additional features. We may now say with confidence that the Bank’s business people are happy with the end result, and that our collective work helps Halyk Bank to remain relevant and up-to-date, and to retain its position of leadership in the country.
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