Alfa-Bank buys Misys Equation source code
Alfa-Bank, a top ten bank in Russia by assets and profit, has purchased the source code of its core banking system, Misys Equation. The solution is provided by Finastra (formerly Misys).
This is the first deal of its kind between Finastra/Misys and a bank, Alfa-Bank says.
Alfa-Bank buys Misys Equation source code. Image source: Alfa Group
The bank implemented the system in the late 1990s – it was one of the very first takers of Equation in Russia (and one of a handful of Equation users in Russia today). It is also among the largest users of the system worldwide.
In 2011, it moved to Equation 3.9 from the older 3.4 version.
Alfa Bank announced the acquisition of the source code in its latest annual results released in June this year. It says the source code includes over 33,000 objects.
It points out the closed nature of Equation’s code had hindered functionality updates and system development.
Now, the bank says its IT department can promptly investigate and amend any software bugs in Equation, carry out the development in-house quickly and without “expensive vendors”, optimise and speed up the resolution of any issues with the core system, lift any architectural limitations imposed by Misys and use modern programming languages to develop Equation.
Alfa-Bank is a universal bank with over 13.6 million retail and 255,000 corporate clients. It has assets of $42.4 billion and a network of 804 offices in Russia and abroad, including subsidiaries in Kazakhstan, Ukraine, Cyprus, the UK, the Netherlands and the US. It owns Amsterdam Trade Bank in the Netherlands and Baltiyskiy Bank in Russia.
