New custody system has successfully been implemented in Romania

Fri, 17/12/2021

Investing into the new digital evolution

In line with the ongoing multi-year system replacement project, UniCredit Romania is the first subsidiary within the Group to have successfully implemented the new custody system – BANCS – and, in turn, caps off years of dedicated commitment by realizing the first major milestone for Global Securities Services towards its digital evolution.

The highly flexible, rule-based BANCS system can be tailored to match specific client needs and is fully compliant with the latest industry standards, including ISO20022. Through enhanced controls, the new system can achieve further significant reduction in manual intervention and related operational risk.

Within the 1st phase of the BANCS implementation plan, Romania will now be followed by the Czech Republic, Slovakia and Austria in 2022, then, within the 2nd phase, go lives are scheduled to be completed for Bosnia, Bulgaria, Hungary, Serbia and Slovenia by the first quarter of 2023.

The implementation of the BANCS system in Romania is part of the Group strategy towards digitalisation and reinforces our continued commitment to service excellence, both near and long-term. We are extremely proud of having been able to  successfully meet this first important milestone  and thank our partners for the continued trust given to us.