SOFGEN completes T24 upgrade at Citadele Bank Latvia

Upgrade from Globus G13 to T24 R12 goes live in Latvia

Geneva, 15 July 2015: SOFGEN Holdings Limited (SOFGEN), a leading global provider of IT solutions in and around core banking, has announced the successful upgrade of the Temenos T24 platform at Citadele Bank Latvia. The core banking system was upgraded from release Globus G13 to T24 R12. Together with the T24 version upgrade, the platform’s database was ported from UniVerse to jBASE/TAFC R12 with data conversion from old proprietary encoding to Unicode UTF8.

The project was started in beginning of 2012, but due to other challenging projects in the dynamically growing and evolving bank as Citadele, the upgrade go live was set as 1 January 2015. The technical upgrade and comprehensive compatibility conversions of local code were completed off-shore, on time and with high quality in SOFGEN’s Chennai office. The optimisations of the complex migration process, as well as development of specific tools to speed up the database migration and data conversion to Unicode UTF8 were done on-site. The development of interfaces and additional functionality was essentially done by the bank with extensive support by both on-site and off-shore SOFGEN professionals.

The upgrade allows the bank to offer truly 24×7 banking operations and provides a platform for the additional implementation of new Temenos modules such as “Non-stop”.

Guntars Andersons, IT Head Citadele bank, commented, “The upgrade to one of the most modern core banking systems in the world is a step towards the realization of the bank’s business strategy and continued evolution. The upgraded system is the basis for further IT optimisation that will help the bank to improve customer service and maintain it at the highest level, as well as to provide a more convenient and faster way to develop and to roll out new banking products.”

About Citadele Bank Latvia

Citadele is a full-service financial group for both private individuals and companies offering complete portfolio of banking, financial and private capital management services in its home market Latvia and through its international presence. The Bank is the parent company of the Group. The core market of Citadele Group is the Baltic states - Latvia, Lithuania and Estonia. Citadele Bank operating a total of 37 branches and client service centres in Riga and throughout Latvia. International network outside Latvia includes: Client service centres in Estonia and Lithuania, Representative Offices in Kazakhstan and Ukraine, Citadele Asset Management Representative Offices in Russia and Belarus, Citadele Asset Management subsidiary in Ukraine, Subsidiary in Switzerland. Citadele Bank is the only collaboration partner of American Express in Latvia and Lithuania who is entitled to issue American Express credit cards. In 2012 the bank was recognized as the best-governed state-owned enterprise in the Baltic States according to a study conducted by the Baltic Institute of Corporate Governance. Citadele’s vision is to become the most valuable local financial group in the Baltic States. 75% Citadele Bank’s shares are owned by the US investment holding company Ripplewood Holding LLC and the owner of 25% of shares is the European Bank for Reconstruction and Development (EBRD).

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