Bank Itaú is one of the largest financial institutions in Latin America, with 90 years of experience and operations in Argentina, Brazil, Chile, Colombia, Paraguay and Uruguay. It has more than 17 million customers and a total of 3,000 offices open to the public.
Because good experiences also travel very fast, shortly after our project with Itaú Chile – where we developed V3 Intelligence to optimize their financial transactional life cycle operated by a legacy system (click here to read more about the this case) – its Paraguayan subsidiary invited us to discuss a number of projects that required a technical, financial and technological approach to improve the performance of its money desk.
“The Paraguayan bank had received very positive feedback from Chile regarding a supplier that not only offered a good consulting service regarding the license termination process with a world-class system, but was also helping to improve the implementation of the new software thanks to a company’ own product. These were the first comments that Itaú Paraguay learned about us.” says Pedro Melo, Country Manager of our company, who remembers the call he received from Asunción since it was the first project he led as a VMetrix team member.
Itaú Paraguay required a very technical consultancy to solve a specific need: they were experiencing problems with the valuation of a bond within the trading module and the system support service they had hired was not able to provide a solution. Our CEO, Sebastián Valenzuela, after reviewing the system, not only identified the problem and suggested a solution, but also pointed out that the system was not properly configured and therefore, the bank would not be able to carry out Back Office processes properly, such as the registration of slips without displaying the valuation, among others.
“That bond was the starting point for everything, since Sebastián configured and installed it, and in addition we reconverted the system and redesigned the Front Office structure implemented in Itaú Paraguay”, explains Melo, who adds that afterwards the bank asked for a broader proposal to generate an optimization of the system that was installed for corporate bonds, public bonds and financial instruments for the money market.
The relationship between both began to strengthen and Itaú Paraguay considered VMetrix to be more than a supplier, it became a strategic partner with expertise in technology for the financial market and more specifically for the Paraguayan market, a position they had not achieved during the time they had been using the license of their legacy system. “We proved to be the only company that was capable of implementing the software products that were causing them problems, considering that their accounting process is quite complex as they have particularities that are specific to their country, that are not known or cannot be solved positively by everyone”, states our Country Manager.
Since then several projects and milestones have been successfully accomplished in the relationship between Itaú Paraguay and VMetrix, including the implementation of Forward to improve the performance of the Risk and Middle Office, as well as debt recognition certificates for the Back Office. In addition, they count on the service of the Support and Maintenance area on a permanent basis.
“Our strategy with Paraguay is not limited to solving their problems, but we are constantly providing them with financial and technological advice with developments that allow them to manage and optimize their investment portfolio. We are committed to their success because it becomes our success”, concludes Pedro Melo.