Diasoft positioned as a leader in Magic Quadrant for International Retail Core Banking

October 10, 2013 — Diasoft, a global provider of cutting-edge software solutions for the financial industry, announced today that Gartner has positioned Diasoft as a leader in its October 2013 Magic Quadrant for International Retail Core Banking.

Gartner Magic Quadrant assesses the suitability of core banking system providers and their product offerings to address the impact of the modern trends in the international retail core banking (IRCB) market. Gartner has evaluated the competitive landscape of core banking vendors that service the future of the international retail banking market. This evaluation has uncovered the leading strategies of these vendors and products, revealed their underlying product/service capabilities, and affirmed their relevance to the changing conditions of the banking industry.

This year Diasoft has been positioned in the "Leaders" quadrant of the 2013 Gartner Magic Quadrant for International Retail Core Banking for its FLEXTERA solution, based on its ability to execute and completeness of company`s vision. Significantly, 20 vendor/product offerings have been selected for the report from the original list of 44 product candidates. During the evaluation process, Gartner used such criteria as product functionality, market understanding and ability to support for banking market requirements, contribution to the innovations, and the overall viability of the company, among others.

According to Don Free, Research Vice President, and Ethan Wang, Research Director, Gartner "The technology evolution to SOA-compliant, component-based core solutions that promise to enhance business agility is gaining momentum… Components can be assembled into applications in the standard way (the "factory default") or assembled in a slightly different way to create unique applications for the bank."

FLEXTERA is an innovative component-based SOA financial solution for front-to-back automation of retail, corporate and universal banking, treasury and capital market operations, and insurance business. The solution is built on the JavaEE technology in full compliance with SOA principles. Being process-driven and meeting the highest demands for flexibility, scalability, performance and reliability, FLEXTERA has become a perfect choice for both mature and emerging markets seeking for a new platform to support their dynamic business development or willing to renovate the existing legacy solutions. The solution easily copes with business volumes of the world’s largest financial institutions, supports such emerging technologies as cloud computing and SaaS, and can be flexibly customized to meet individual non-standard requirements of the most innovative banks.

"Banks need to get ahead of the learning curve on how to conduct their core banking renewal efforts. Increasingly, the success or failure of core banking programs is being traced to initial efforts, including clarity of outcomes within the business case", wrote the authors of the report Don Free, Research Vice President, and Ethan Wang, Research Director. "Apart from carefully constructing business case transparency, banks need to be introspective and recognize that they possess unique characteristics and cultures that will impact a program of this magnitude either positively or negatively. Banks need to self-diagnose the negative traits to reduce, mitigate, avoid or defer risk."

Diasoft thoroughly analyzes the customer’s business needs and IT requirements in order to develop the most cost effective IT strategy and implementation plan. We help financial institutions detect and eliminate causes of low performance of the implemented software solutions and generate a plan for the further IT development. Deploying the required solution, we provide its necessary customization, integration with existing software, and testing.

Diasoft is confident that the inclusion into 2013 Gartner Magic Quadrant for International Retail Core Banking was possible thanks to its ability to meet market challenges and modern requirements of the industry, a very positive feedback from Diasoft’s customers, a responsive, open and comprehensive disclosure to Gartner analysts during the assessment process, and technological advantages of its solution. In particular, Diasoft’s solutions offer the following technological features to meet requirements of modern banks, besides others:

• Component-based SOA-compliant architecture allowing simple configuration, implementation, management, and customization of the selected solutions, as well as their gradual development;
  
• Process-driven architecture built around real bank business processes which allows avoiding redundant administrative steps and ensures accurate front-to-back processing of every banking task,
  
• Broad functionality allowing Diasoft’s customers to use a single solution to cover all their business needs,
  
• Reliability and scalability to ensure future extensive development,
  
• Flexibility to support ever-changing market environment, regulations, and emerging business models,
  
• Quick time-to-market for new products, channels and services due to the in-build product factory and flexible workflows based on SOA principles,
  
• Easy integration with other banking applications and third party systems due to the componentization and SOA approach.

To ensure further development of its solutions in accordance with the market requirements, the company will continue to make sustained investments in R&D, infrastructure and alliance building, leveraging its local and international expertise and product development capabilities.

"Gartner is one of the most respected analytical companies globally, and it is our honor to be recognized as a leader in our market. The Magic Quadrant provides a snapshot of a market development, its trends and direction, as well as identifies the most mature and dynamic solutions. We believe that Diasoft has been positioned among the world`s leading providers of core banking systems based on our visionary approach to development of innovative solutions, our commitment and ability to execute requirements of the market", stated Dmitry Zubarev, CEO, Diasoft. "It is especially important that Diasoft core banking system not only meets Gartner’s strict evaluation criteria, but it responds to the high-level demands of our customers, who provided a positive feedback accessing the maturity and flexibility of our solution, the level of its implementation and support".

About Diasoft

Since 1991 Diasoft has been providing cutting-edge financial software solutions supporting all aspects of retail, wholesale and universal banking, financial market services, and insurance business. The company’s main offering to the financial market is FLEXTERA — a SOA-based universal system comprising a comprehensive suite of modules for front-to-back automation of modern financial services.

The FLEXTERA’s functional scope covers the following areas of financial business:

• Back Office and Core Banking operations including daily banking transactions processing; product and service management; BI, accounting and reporting;
  
• Multichannel Front Office operations and client management;
  
• Middle Office risk management and decision making.

The modern technological principles lying at the core of all FLEXTERA solutions in combination with their broadest functionality provide our customers with limitless opportunities for their business development in accord with market trends and clients’ requirements. For more information please visit www.diasoft.com.