OREANDA-NEWS. July 13, 2010. SEB Bank launched and started operating its new core banking system for providing banking services to its customers and running business processes. With the launch of the new core banking system there has been a change in the functionality of some banking services and a new procedure of providing them has become effective. The new system will open up new development perspectives for the bank, providing more flexibility in launching various new products to its customers, enabling to accelerate the bank's internal processes, reported the press-centre of SEB Bank.

“The launch of the new core banking system is a technologically highly complicated process; therefore, before the system will start functioning at full capacity, there may be occasional momentary disturbances. We apologize to our customers, if during first days of operating the new system some of our banking services will take somewhat more time that usual,” said Ausra Matuseviciene, Executive Vice President of SEB Bank, Head of Business Support Division and Chief Finance Officer.

The bank's modern core banking system FlexCube has been developed and is launched by international IT systems company Oracle Financial Services Software Limited. The project of system launching took more than two years and has been implemented by an international team of 370 specialists of the IT company and the bank.

“During recent years, the development of the banks’ financial services market has been especially rapid, therefore, to be in the leader position and provide top quality services in future we were looking for the most effective IT system modernisation solutions. Having used-up all the possibilities of the core banking system that has been operated since the very establishment of the bank, we replaced it with a completely new and up-to-date one,” said A. Matuseviciene.
 
FlexCube system is one of the most advanced and popular systems currently used by financial institutions in 105 countries worldwide.

According to A. Matuseviciene, its is a large-scope and an especially significant project, as it was necessary to migrate the main bank databases from the old system to the new one, to change and integrate business processes, ensure smooth providing of all our banking services once the new system is launched.

The bank started the preparatory system replacement works in 2007.

Starting from July 7th, changes in the functionality and in the procedure of providing some banking services related to the launch of the new system take effect. Also, changes in the agreements executed by some customers with the bank will become effective, relevant information having been provided to such customers by the bank in advance in the form of personally addressed letters. ore detailed information is available at the bank's website www.seb.lt.