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More information at: alebank.pl

Owing to its integration with the banking system, the new Asseco platform is a solution which primarily automates most of the processes, e.g. data exchange, clearing of contributions or installments, as well as many other services which are currently performed manually by advisors at cooperative banks. Another facilitation for them is one common sales front end supporting various products, regardless of the number of partners providing them. CUI.Ubezpieczenia can already be used by the clients of the Cooperative Bank in Lubaczów, the Cooperative Bank in Namysłów and the Cooperative Bank in Płońsk.

We have been cooperating with Asseco for many years now, using the transaction system, e-banking solutions and tools facilitating the work of our advisors in our branches. A natural step was therefore the implementation of the latest functionality, which significantly improves the quality of customer service and automates sales and clearing processes. Such a solution is the CUI.Ubezpieczenia platform, which operates in our bank. Thanks to our partnership with Asseco and AXA, we have managed to expand the source of our revenues, said Paweł Kapel, President of the Management Board, Cooperative Bank in Lubaczów.

The CUI.Ubezpieczenia platform is offered free of charge to cooperative banks which already use the Asseco Internet Services Centre.

We understand the needs and current expectations of cooperative banks. That is why we have created the CUI.Ubezpieczenia platform, which can significantly increase their competitiveness and revenues. It is also very important that cooperative banks, which are already our clients today, can switch this functionality on and start offering new financial products in a completely cost-free manner, said Andrzej Nowakowski, Director of the Cooperative Banks Division at Asseco Poland.

Thanks to the integration of the CUI.Ubezpieczenia platform with the banking system and automation of processes, such as collecting contributions from a client's account, AXA has enabled the customers of cooperative banks to make payments on a monthly basis. The CUI.Ubezpieczenia platform, in addition to increasing the competitiveness of cooperative banks, has a chance to popularize a new model of bancassurance based on omni-channel solutions.

, said Marcin Wąsikowski, managing director of AXA's bancassurance and affinity sales.

The CUI.Ubezpieczenia platform is fully integrated with the Asseco Advisory Banking Platform designed for customer service in a branch as well as with the e-banking available within the Asseco Customer Banking Platform.

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Asseco has been developing software for cooperative banks for nearly 30 years. It includes both comprehensive IT solutions and specialist systems facilitating the work of banks. Asseco systems are implemented in the on-premise model using local installations as well as in the cloud. The Asseco Internet Services Centre is already used by over 110 cooperative banks.
Asseco Poland is the largest Polish IT company listed on the Warsaw Stock Exchange (WSE) and the sixth-largest European software producer. It leads international Asseco Group, which operates in 54 countries and employs over 24,000 people. Development of software for banks is one of the key areas of Asseco Poland's business operations. The company offers solutions which respond to the latest trends in global banking.


AXA is one of the largest insurance groups in the world. It has been present in Poland since 2006. It is a universal insurer with a full range of non-life insurance and life insurance products used by over 3 million customers, including companies and multinational corporations. Additionally, it manages investment funds and private pension funds (OFE). AXA is the sixth-largest capital group on the non-life insurance market with 4.8% market share measured by gross premium written at the end of 2018. AXA holds ninth position in the life insurance segment. In Poland, AXA is mBank's exclusive partner in offering life and property protection insurance.

What do the new reporting rules apply to?

Since October 2018, institutions subject to the law have had a choice - they could report according to the old or new rules. As of July 2019, this will change and reports will have to be prepared in accordance with the regulations set forth in the Ministry of Finance Regulation. It is important to remember that the new AML law requires verification of a much broader spectrum of data and the conduct of a far more complex analysis. The area, which initially included only the verification of transactions and then a package of data about the client - their financial and economic activities - today already touches such specific information as IP addresses from which logging into electronic banking systems took place. Based on this information, financial institutions identify suspicious transactions and customer behavior.

However, the vague regulations, which do not make it easy to adapt IT systems to the required changes, remain the biggest challenge in implementing this law. Doubts about the interpretation of certain definitions, terms or concepts can consequently lead to many problems.

In what area are they imprecise?

The lack of precision in the provisions relates to several issues. First of all, institutions subject to the law still do not have clear guidelines for providing information on suspicious transactions and customer activities – and in the previous reporting there was a dedicated form. Secondly, there is also a lack of guidance on how to make corrections to transactions that have been submitted to the GIIF. Another issue is also that no test service has been made available so far, making it impossible to verify the new report files.

What does this mean for institutions covered by the new rules?

First of all, the need to use a proven IT system that will enable them both to report efficiently to the GIIF and to meet a number of other requirements under the Act. These institutions need a solution that will provide a comprehensive analysis of financial transactions and prevent possible fraud. It should be a flexible tool that will guarantee that institutions are fully adapted to the specifics of their operations, internal procedures and assumptions. An example of such a system is Asseco Anti-Money Laundering (Asseco AML), which monitors clients and transactions and generates GIIF reports containing information on selected financial operations. Each of the recorded transactions undergoes a validation process, which guarantees that the report complies with the requirements imposed by the regulator.

The blurring of the boundaries between data collected for AML, anti-fraud analysis, or tax information exchange also makes it a good idea to implement a comprehensive IT system, such as Asseco Integrated Analytical Platform (Asseco IAP), where AML, Anti-Fraud and FATCA&CRS modules use a common data repository and rules engine. This makes it possible to correlate data and use the results of analyses conducted in different areas.

Will such a solution provide them with efficient reporting?

Of course it will. We are a provider that not only offers a tool, but is also a partner that identifies the needs of customers and meets them. Together we work out the best solution, because our priority is that each institution has exactly the system it needs. We constantly follow what happens in their areas of operation. We also constantly monitor the regulator's environment, and we usually know earlier than the client what the changes will be and what their scope will be. We adapt our tools to the new requirements and provide a ready-made solution, so our clients are always prepared for the upcoming changes.

A good example of this is the creation of Asseco's Transaction Scanner tool. This time our goal was to enable financial institutions to comply with the obligation to apply specific restrictive measures against persons and entities on sanction lists, for card payments. This requirement stems from the Anti-Money Laundering and Countering the Financing of Terrorism Act. The Transaction Scanner enables real-time verification of senders of Visa Personal Immediate Payments and Mastercard MoneySend payments. The tool is also available as a functionality of the Asseco AML system.

However, up until now, not all institutions have used IT systems to meet the requirements related to the AML Law. Why is this necessary today?

Previously, smaller institutions subject to the law, such as cooperative banks and brokerage houses, for example, could meet the statutory requirements based on the so-called expert method. Current regulations make it necessary to constantly monitor transactions and verify a very wide range of customer information, which cannot be done manually.

It is important to remember that the new law is intended to ensure efficiency in preventing money laundering. Here, it is not only the diligence and pursuit of this goal that counts, but above all the result of this action. In the event of an inspection, an institution itself must prove due diligence in achieving the said goal. For this reason, the expert approach becomes much more difficult to defend against the supervisory authority. Therefore, it is in the interest of the financial institution to use appropriate IT tools that, in the event of an audit, will allow it to prove that effective fraud detection mechanisms were used.

What will happen in a situation where an institution misinterprets these unclear provisions?

In such a situation, institutions will face financial penalties, which have been made even more severe in the new law. Their amount depends mainly on the consequences that have arisen or may have arisen due to negligence. If, as a result of misinterpretation of the regulations, the verification process does not cover, for example, a particular type of large-scale transactions carried out by the bank, then the risk of money laundering being overlooked can be very high. This is why the role of the supplier is so important in adapting the system to the new regulations, as it must ensure that their interpretation is correct.

As part of the cooperation with the National Cloud, both companies of the Asseco Group will supply their proprietary products as well as services related to the transition to the new operation model. The combination of services of the largest Polish software provider with the domestic cloud provider will guarantee both high quality of services and maximum security for the customers.
Asseco Poland will deliver its proprietary products and services related to the administration, maintenance and security of the National Cloud, as well as solutions dedicated to its future clients.

The National Cloud is one of the most important IT initiatives in Poland in the near future. It is to facilitate Polish entrepreneurs' access to solutions reducing the costs of IT infrastructure maintenance, while maximizing the level of security. Our experience and position of the largest software vendor on the Polish market perfectly fits this trend in the development of the IT market; therefore, co-creating this initiative is a natural step for us, said Tomasz Buczak, Director of the Asseco Innovation Hub at Asseco Poland.

Asseco Data Systems, offering its comprehensive competence in cloud services, will implement and share its solutions also based on the National Cloud infrastructure. In addition, ADS has its own cloud in the IaaS, CaaS and PaaS models, allowing it to execute joint hybrid implementations with the National Cloud. It also complements its services with solutions enabling business continuity in the event of DRaaS (DisasterRecovery as a Service) failure.

The Polish Cloud is a very important and necessary project on the Polish IT market and a great opportunity to popularize cloud technologies both in the business and public sectors. Owing to ADS's experience in the area of such solutions, we will be able to implement comprehensive integration projects together with the National Cloud, related to migration of customers to the new cloud. In addition, we want to use our expertise to support our clients in designing and optimizing the architecture of IT systems as well as in implementing hybrid solutions, said Marcin Lebiecki, Director of the Cloud Services Division at Asseco Data Systems.  

Under the agreement, the consortium will be responsible not only for subscriptions and the maintenance of the IT system, but also for new services enabling the process of data integration and migration. Ultimately, they will be used during the change of the current IT system of the National Health Fund into a new one.

Asseco has been a reliable partner for the Polish healthcare system for many years. We have been cooperating with the National Health Fund for 3 years now and I am glad that we will be able to continue this work. Systems such as SIWDZ in the National Health Fund are responsible for the settlement of healthcare services used by millions of patients in Poland. Therefore, their processing must be stable. We understand our social responsibility as a supplier, and therefore we will make every effort to ensure the necessary security of our services, said Krzysztof Groyecki, Vice President of the Management Board, Asseco Poland.

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Asseco Poland is the largest Polish IT company listed on the Warsaw Stock Exchange (WSE). For 25 years it has been developing technologically advanced software for companies and institutions from key sectors of the economy. It is currently the largest IT company in Central Europe and the sixth-largest software producer in Europe. It is a leader on the market of IT solutions for health care and a manufacturer of proprietary IT solutions used by over 450 hospitals in Poland, units of the National Health Fund, Blood Donation and Blood Treatment Centres, health resorts, as well as over 14,000 clinics and surgeries. Asseco has successfully passed tests during the Connectathon IHE marathon in The Hague in 2018, which is an official confirmation of Asseco systems' effective interconnection with other IT solutions and compatibility with IHE integration profiles. The use of IHE profiles is recommended by the European Commission and the Centre for Health Information Systems (CSIOZ).

Comparable results of the Group, including the consolidation of Formula Systems' results for the whole year 2017, were better in 2018 than in the previous year - the Group's revenues and sales of proprietary software and services increased by 7%, and the operating profit was higher by 30%.
The Asseco Group's revenues are diversified by sectors, and in 2018 they were divided into general business (38%), banking and finance (40%), and public administration (22%). The Group is also geographically diversified and presents its results divided into three segments: Asseco Poland (Polish market), Formula Systems Group (Israeli market) and Asseco International (other international markets).

It was a very good year for Asseco. Our revenues reached the highest level in history - over PLN 9.3 billion. Operating profit amounted to PLN 796.8 million, which is also a record-breaking result. We developed dynamically in all segments of our business: Asseco Poland, Asseco International and Formula Systems. We successfully developed the sales of our proprietary software and carried out successful acquisitions. We have been also constantly developing our innovations because we want to keep the freshness and flexibility of startups while being a large international company. However, our approach to innovations is pragmatic - Asseco's products are developed on the basis of real market needs and in close cooperation with our clients, said Adam Góral, President of the Management Board of Asseco Poland.

On the Polish market, very good results were achieved in the banking and finance sector. Significant growth in this area results from consistent development of the sales of proprietary banking products, with which Asseco Poland has been increasingly more active abroad. In 2018, Asseco Poland was also joined by Nextbank, which sells its core banking system in a cloud option for banks in the Philippines.
The Asseco International segment, under which the Group's international operations are developed, increased its sales revenues by 16% versus 2017. Asseco strengthened its position in Central Europe thanks to acquisitions and growing sales of ERP systems and modern solutions for industry. Asseco Central Europe also signed several important contracts with public sector institutions in the Czech Republic.
Asseco SouthEastern Europe, which consistently strengthens its position in the payment market, enjoyed another record-breaking year, and currently offers advanced payment solutions under the new Payten brand. It also successfully implements the strategy of international expansion. Recently, it has entered the Spanish-speaking markets and is planning further acquisitions. Revenues were also increased by companies operating on the Western European market and in Portuguese-speaking African countries.
The Formula Systems Group companies continue their growth thanks to successful acquisitions on the Israeli and US markets and entry into new, prospective business areas. Sapiens, one of the world's largest providers of IT solutions for the insurance sector, returned to growth after a difficult year in 2017 and significantly improved its results.
Currently, the Group's order backlog for 2019 at the revenue level amounts to PLN 6.2 billion and is by 14% higher than the backlog presented in March 2018.
Asseco Poland has been consistently building shareholder value and has continuously shared its profit with the shareholders. This year, the company's Management Board recommended the payment of the highest dividend ever.

The Group's very good financial results and promising development prospects allowed us to recommend a record dividend and allocate PLN 254.8 million for this purpose this year. Asseco has been consistently sharing its achievements with the shareholders for years and has so far allocated almost PLN 2 billion for dividend payments, said Adam Góral, President of the Management Board of Asseco Poland.

The amount of dividend recommended by the Company's Management Board is an equivalent of PLN 3.07 per Asseco Poland's share and translates into a dividend yield of 6.1% (as at March 25, 2019).