World Council of Credit Unions' Credit for Agriculture Producers' (CAP) Project in September returned to providing in-person workshops for its partner credit unions for the first time since Russia's full-scale invasion of Ukraine began in February 2022.
The CAP Project reestablished its in-person presence with a September 29-30 workshop in Cherkasy for four credit unions that are in the process of investing in an upgrade to their existing, outdated core banking system (CBS).
In fiscal year 2021, CAP supported the credit unions by drafting a scope-of-work focused on the development of accounting and regulatory reporting modules within a new CBS.
Last week's workshop was set up to streamline the process and determine the next steps. Face-to-face interactions and live demonstrations are key to achieve timely and efficient results.
Specifically, the workshop helped crystalize expectations and requirements for the implementation and utilization of the new core banking system, including data migration and third-party services integration, for which CAP plans to provide further consultations.
The credit unions plan to make a final decision on a CBS provider for offline operations, and to migrate to the new system by the end of the year.