VTB ramps up cooperation with ROSNO-MS
25 December 2013
VTB has completed a project centralising treasury management operations for insurance company ROSNO-MS, part of the multinational insurance holding Allianz. The project was carried out by VTB’s Global Transaction Banking Department.
ROSNO-MS handles mandatory and voluntary medical insurance. One of the biggest companies on the Russian market, it operates an extensive network of branch offices across the country.
VTB concluded that ROSNO-MS needed to enhance the operational efficiency of its branch offices, receive detailed cash flow statements and monitor debit transactions at branch offices in line with its budget classifications.
VTB offered ROSNO-MS a solution — creating a centralised accounts management system that connects to the Bank-Client system, as well as centralised and more efficient treasury functions at the company’s head offices using the Client’s Settlement Centre.
VTB worked with ROSNO-MS’s headquarters to split the financial controllers’ functions and implement transparent and efficient tools ensuring branch offices manage their treasury operations in line with budget classifications. In addition, ROSNO-MS now has full, online access to information on a branch office’s current accounts.
This project significantly increased the efficiency of the company’s financial section and reduced operational risks.
The fact that ROSNO-MS receives budget funds and files reports under the state-run mandatory medical insurance programme makes these improvements even more relevant.
"VTB hopes to maintain and further develop its long-standing partnership with Allianz Group. We are ready to continue providing cutting-age and relevant banking products for liquidity management," said Gurinder Nihal, VTB’s Senior VP and Head of Global Transaction Banking.
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