Deposit Taxation Module
Cinimex’s Tax Accounting project for Raiffeisenbank addressed the need for comprehensive automation of taxation of interest on retail deposits. The module is widely used across Raiffeisenbank and supported by Cinimex. In order to offer its retail customers competitive interest rates on deposits, the Bank required a new system calculating and charging tax on personal incomes earned from deposits.
Project Implementation
The project was marked by a fixed deadline, set out by tax laws (reduction of key rate by the Central Bank of Russia).
Essentially, project activities were parallelized on all stages (including analysis of Bank’s requirements, development of technical specifications, development of the system itself, its testing, including for compatibility with legacy systems, data migration and deploying to production) thanks to our companies’ extensive expertise with IBM i (AS/400) development.