Colvir Software Solutions was established in Great Britain in year 2000 as a company with its business focus in the development, implementation and support of end-to-end integrated solutions designed to support effective development of customers’ business, and in particular to automate financial and administrative activities of banks, business entities, post offices and public financial institutions.
Recently the company developed a new product that has no rivals in the Russian market, and should be of interest to the corporate sector. Vladimir Kirillov, head of Treasury line of business with Colvir Software Solutions, gave an interview where he shared some details of the product, as well as of Colvir activities in general.
Vladimir, can you please tell us in a bit more details about Colvir Software Solutions in general? What market segment if your company targeting in the first place?
Principle Colvir specialization is software for banks and financial institutions, where we largely rely on selling licenses and our implementation services. We have been most successful in the banking sector in Kazakhstan (30% of the banking sector supporting over 70% of all financial flows) and in Turkmenistan (60% of the banking sector).
We are currently developing a new line of business which is managing corporate customers’ finances. We offer a service that enables small and medium-sized business entities, as well as large corporations, to manage their financial flows, consolidate the same and develop strategic cash flow management.
What exactly are you offering to corporate customers?
We are offering to corporate customers an opportunity to use the SaaS model – they do not need to buy the software, but can rent it. We have a flexible pricing policy that enables our customers to select a set of services and functionalities that is actually required in each specific case. In the event something proves irrelevant, they can cancel it at any point in time without any serious financial losses.
Please tell us about your new product. What is it like, and how should it be relevant to the corporate segment?
Our solution was initially specialized for use by the banking sector, but a few years back we re-engineered for our corporate needs, tested it, debugged it and came to the conclusion that it may be of interest to other market participants. Its accounting part is integrated with 1S products for loading contract management and schedule information, and for extracting details of payments being executed. This is a solution for treasurers, and it helps them manage current cash flows, as well as plan future ones. The corporate sector is for us a new and promising market segment. We believe that this service may be in demand by small and medium business entities, as well as by large holding companies, because our solution makes it possible to consolidate all their cash flows and direct them to a single point for operational management.
What is the key differentiator of your solution from those already available in the Russian market?
No such solutions are available in the Russian market as of today. There are some that look similar, and are offered by certain banks to their customers. What makes our service unique is the fact that we offer a single window to manage all of the organization’s cash flows.
We make use of the “center of payments” concept that displays cash flows, actual and scheduled payments. Each payments center is linked to a separate settlement account of the entity. We can receive information regarding account movements either by loading data from 1S systems, or via integration with the Internet Banking application of the particular credit organization. In this way we can see and manage our current position virtually online. Our solution facilitates consolidation of all data from diverse sources in a single window and presentation of such data in a form that is convenient for the user of information regarding the amount of available surplus, size of account balances, sufficiency of available funds to meet commitments.
Our solution is also quite convenient for cash pooling automation, which may be of particular relevance to large corporations that include a large number of companies. We plan to develop this function further to support automatic placement of surplus funds with banks that are in need of resources and are prepared to pay more for their use.
The minimalist user-friendly interface leveraging Google Material Design may be considered as a further advantage of our service. We are currently developing a wizard that will take the user through the process step by step when running the program for the first time, and will combine service setup with user training.