The Golden Crown cash remittance service is quite popular in CIS countries including Kyrgyzstan. Many banks including Halyk Bank Kyrgyzstan offer to their customers ability to send cash remittance via the Golden Crown system. Prior to this integration Halyk Bank employees had to input relevant data separately twice: separately into the remittance system, and once into the core banking system. In order to raise employee efficiency and rid employees of the need for work duplication, Colvir has developed a solution to automate the process. This solution facilitates sending and receiving cash remittances, depositing loan repayments, topping up bank card accounts, or exchange currency via the Golden Crown, all inside Colvir Core Banking System. Golden Crown payment services integration has also been implemented with our customers in Kazakhstan (Halyk Bank, Zhusan Bank, ForteBank), and in Tajikistan (Halyk Bank).
A large volume of Golden Crown transactions is processed by Halyk Bank Kyrgyzstan. Before this integration Bank employees had to transfer data to the core banking system manually, which was inefficient and labor-intensive. Our integrated solution facilitates processing of such operations inside Colvir CBS without duplication”, — explains Ahilles Metaxa, the Bank’s account manager in Colvir.
The project was completed within the space of 4 months. The team prepared implementation during the summer months, and the first Golden Crown transactions were processed in Colvir CBS in September.
“We are implementing a number of projects in Halyk Bank Kyrgyzstan, and we had to take this into account in planning the project timeline. As work progressed, we extended the project scope – we performed some additional customization at the customer’s request. We crafted our solution in such a way that all routine operations are performed automatically, such as cash voucher printing, including such printing when processing a return transaction. All stages in the processing of incoming and outgoing remittances following data input are also generated without teller participation. At the very least, this allows the teller to minimize manual operations, and speeds up the process as a result. Those options have been made configurable, and can be disabled at the bank level”, — says project manager Andrey Rubtsov.
The ability to leverage Golden Crown payment service inside Colvir CBS has made using the remittance system much more user friendly: “Previously Bank employees had to engage Golden Crown without integration, and once they could leverage the Colvir solution, they have noted a significant remittance processing time reduction, and a drastic improvement in the convenience of using the service. While previously our most experienced employees spent at least 11 minutes to input a remittance, and the average elapsed to perform this operation was 20 minutes, this range has now been reduced to 4-8 minutes”, — shares the Bank’s experience Dmitry Shpilchin, Deputy Chairman of the Board of Management, Halyk Bank, Kyrgyzstan.
Same as all 2020 projects, the new functionality was implemented in remote format under lockdown restrictions. This however had zero impact on the implementation: the joint team achieved excellent results within the scheduled timeline. Key effectiveness indicators for our company are positive feedback from our customers and partners, as well as successful operation of the implemented solution. We congratulate Halyk Bank Kyrgyzstan implementation team on a project that has been excellently implemented!
The Retail Banking suit in Colvir core banking system comprises user-friendly solutions for integration with cash remittance systems including Golden Crown, Western Union and Contact. In case your bank is interested in staff productivity improvement and business process optimization, write to your account manager, or to firstname.lastname@example.org, and we will tell you about the product features in more detail.
About Halyk Bank Kyrgyzstan
JSC Halyk Bank Kyrgyzstan provides financial services to the general public, to various entities and enterprises, to Government and non-Government institutions. It holds a license from the National Bank of the Kyrgyz Republic to conduct banking operations in local and foreign currencies.
JSC Halyk Bank Kyrgyzsta has the status of a universal bank and conducts its activities on the basis of its banking license No 044. The Bank’s Head Office is located in the city of Bishkek.