The core banking system selection initiated at National Bank of Moldova (NBM) earlier this year has concluded without a contract being agreed. The bank will now weigh up its options as to whether to go back to market.

National Bank of Moldova (NBM) has concluded its search for a new core banking system without having selected a suitable supplier. ‘Unfortunately, the public acquisition procedure was finalised without signing a contract,’ said the bank in a statement to IBS.

The bank commenced a search for a new core and ERP system in February this year, with a budget of $3.5 million for the project. A number of suppliers were thought to be in the running for the deal, including India-based TCS with its Bancs core offering, Temenos with T24 (via its regional partner Siveco), Alta Software, a Georgia-based supplier, and Misys. According to a source on the ground, the latter was the favoured supplier before the selection was stopped.

The bank’s existing core banking system, the Va-Bank platform from Russian vendor Flexsoft, was described by Natalia Zabolotnîi, director of the department of strategic planning and organisation at NBM, as ‘old, not scalable and not as reliable as we need’. The bank is now weighing up whether to start another selection process. ‘At this moment NBM is in the process of making a decision on the next steps regarding the acquisition of a new system,’ said the bank.

NBM had initially planned to launch the new ERP system in January 2015, with the core system following twelve months later to support foreign exchange and investments in deposits and securities, as well as monetary policy operations.

By Jan Metcalf

by IBS Intelligence