CS in 2024: A Year of Growth and New Opportunities
IT ClusterSuccess is measured not only by numbers and achievements but also by the ability to adapt to challenges and discover new horizons. For CS, 2024 has been a year of transformation, growth, and significant social initiatives.
Driving Innovation in Ukraine
In Ukraine, CS continues to play a key role in modernizing the banking sector. Currently, 62% of Ukrainian banks rely on the company’s products, with 10 out of 15 systemically important banks trusting CS solutions. The company provides financial institutions with the technological foundation to respond promptly to regulatory changes and technological transformations, such as the modernization of the Electronic Payment System initiated by the National Bank of Ukraine (NBU).
The CS team works closely with regulators and international financial organizations to integrate global best practices into its solutions. At present, the company is focused on two strategic areas: implementing the international SWIFT ISO20022 standard and developing an instant payment system, scheduled for launch in systemically important Ukrainian banks in Q1 2025 by the NBU.
Simultaneously, CS actively deploys its automated banking system B2 in non-banking financial institutions, enabling them to transition away from Russian software.
Expanding Horizons
CS’s experience in implementing advanced financial technologies in Ukraine has become a solid foundation for its international expansion. The company is fostering technological partnerships with leading banks in Moldova, such as OTP Bank Moldova and Moldindconbank.
Following the National Bank of Moldova’s initiative to modernize its interbank payment system, CS and OTP Bank Moldova successfully collaborated on implementing instant payment solutions, ensuring compliance with international security standards and rapid transaction processing.
CS also made a significant step in its international growth by establishing a subsidiary, CS FINSOFT, in Tashkent. This year, it gained IT Park residency status in Uzbekistan and is successfully collaborating with the country’s leading financial institutions.
«The financial sector in Uzbekistan has substantial growth potential, especially given recent legislative changes supporting Islamic financing for microfinance institutions. With 38% of local entrepreneurs interested in Islamic financial products, we are ready to offer technological solutions to help financial institutions successfully develop this area», says Ulugbek Musabayev, Director of CS FINSOFT.
Social Mission and Support for Ukraine
A key milestone of 2024 was the establishment of the CS4UA charitable foundation. «Creating the foundation is a logical continuation of our longstanding support for the Armed Forces of Ukraine and medical institutions», explains one of the foundation’s co-founders, Oleh Vyazmitinov.
Each month, the company allocates up to 1 million UAH for various needs, ranging from purchasing vehicles and equipment for the Armed Forces to supporting medical facilities and centers for internally displaced persons. CS4UA is also open to collaboration with other companies and individuals, recognizing that collective efforts yield greater results for Ukraine.
People Are the Greatest Asset
CS actively invests in nurturing young talent and supporting employee initiatives.
In October, the company partnered with the student hackathon Hack4Innovation, where teams of Ukrainian university students worked on innovative solutions for the financial sector. «The toughest times reveal the greatest opportunities for those bold enough to think outside the box and act decisively,» emphasized Volodymyr Lapa during the event.
In November, CS concluded an internal project competition initiated by the company’s CEO, Andriy Boichuk. The event served as a unique platform for informal team interaction. «After a year of quarantine and three years of war, we’ve mastered remote work, but we miss in-person communication—not just for socializing but also for productive idea exchange», shares Oleksandra Zuieva, a member of the winning team.
For employees, this was not just a work-related event but a true creative challenge. Teams came together to implement innovative ideas outside of their daily routines. Participants developed several intriguing prototypes, including a virtual assistant for using the company’s flagship product, ABS B2, and gained valuable insights into diverse approaches to innovation. The outcome included new professional connections, creative inspiration, and confidence that even in challenging times, there’s room for growth and creativity.
Today, the CS team consists of nearly 500 professionals, with this number continuing to grow. The company fosters a supportive environment for professional development, stands by its employees during tough times, and preserves jobs for those currently serving in Ukraine’s Armed Forces.
Looking Ahead
CS exemplifies that even in challenging times, it is possible not only to maintain high standards of performance but also to broaden horizons, explore new directions, and create opportunities for the IT industry’s growth.
«Our success is the result of the cohesive efforts of our team and the trust of our partners», says CS Director Dmytro Radchenko. «In difficult times, everyone does what they can. At CS, we keep moving forward, creating solutions that didn’t exist on the market before and contributing to the development of the financial sector and the support of Ukraine».
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