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Our Company. Our Forbis

Future-proof IT Solutions for Finance Industry

We are all about financial IT solutions that are both reliable and accelerate your growth. We do the hard work so you could focus on things that matter most – making best decisions on customer service without thinking about technologies.

Since 1990, we are advancing technologies to meet the future of finance services together with our clients. Our IT solutions and services offer you a hands-free approach: from complex banking systems to simple payments – we have you covered.

50+ Implementations
20+ Live clients
6 Countries
150+ Integrations
2.530.000 Source code lines

Team

Bringing out  
the best
in each other

As a person, Forbis is a young and ambitious professional. As a company, we are passionate about delivering the best service, sustainable and client orientated solutions.

Our strength lies in the energy of our team that is inspired by our demanding customers. We never cease to innovate and to grow. Pushing the boundaries of finance service industry is not an option, it is a must.




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News

Jul 31, 2020

The last decade has seen a gradual shift from private, in-house data centers to SaaS (software as a service)–a cloud-based IT infrastructure that offers software system access using a subscription model. This approach allows businesses to reach a variety of software programs through a browser without setting everything up on company hardware.

The interest in SaaS is also related to the risks associated with poorly designed and maintained data centers. A recent rainfall incident in Lithuania only confirmed such fears: a burst water pipe flooded the State Enterprise Centre of Registers (SECR) servers and eventually brought multiple businesses to an indefinite halt.

Anton Zujev, the Head of Business Development and Sales at Fininbox, argues that cloud-based solutions should play a greater role when providing essential services, “SaaS allows our customers, who are licensed financial institutions, to focus greatly on their business while trusting the infrastructure and software maintenance to experts. In a digital society where more and more people are relying on contactless and online services, there is little benefit or advantage to managing critical IT systems and hardware in-house. The consequences of a system failure in the finance or healthcare industries can be too dire and not understanding risks in IT can be even worse.”

Fininbox provides a comprehensive and “off-the-shelf” banking SaaS which has proven to be more popular with fintechs in Lithuania and other EU countries. Assisting with software, IT infrastructure, support and development, as well as ensuring  smooth operations, according to Mr Zujev, “helps our clients save time and money when it comes to setting up.”

SaaS companies themselves require reliable data center partners who are capable of hosting the servers that power their applications. Credibility is achieved through carefully designing the data centers and guaranteeing regular maintenance.

“Everything is very important in order to ensure high availability services – from assessment of the environment when designing data center to crash tests during the certification, when systems are tested at maximum loads before the critical infrastructure is installed,” said Modestas Ancius, CEO at Baltneta, a cloud computing services and data transmission provider, and Fininbox’s partner since 2014. “For us, it is equally vital to run disaster recovery procedures’ tests to imitate possible emergencies and see how the system responds. The process of risk assessment is truly an ongoing one, as is our effort in training and preserving the most competent employees.”

Ensuring maximum security through adopting industry standards is also essential. This, together with the tests carried out during certification, warrants a continuing functioning even in the face of emergencies or regular check-ups.

“We have the ISO 27000 information security standard and are certified with an Uptime Institute Tier 3 Facility credential. To prevent any sort of disturbance for the next 20-25 years, we built the data center from scratch. Even the seemingly insignificant details can sometimes have a negative influence, so paying extra attention when identifying any possible risks and swiftly eliminating them is super important,” said Mr Ancius.

Feb 12, 2020

The rise of innovative technologies in finance naturally sparked an interest in digital banking. No wonder it has become a catch-all thing - while the competition in disruption is quite intense, many traditional banking institutions are currently attaching themselves to the idea of a digital bank in order to look more modern. Many new electronic money licence holders are going after potential customers who prefer the quick and convenient approach through digital applications also referring to their services as digital banks. But are they really digital banks? 

The term digital bank is commonly used to describe many new payment apps or banking extensions. The definition is often used very broadly to describe the technological innovations within the banking sector or any banking solution that has a digital asset such as mobile banking app. Andrej Zujev, the founder of banking software provider Forbis Group, claims that many currently available digital services should not be categorized this way. “Digital banking is not just about modern solution implementation. The term should be ascribed to new technology built to fully digitize banking services, in other words making banking services as automated as possible. I would go as far to say that none of digital payment solutions that call themselves a digital bank are not really digital banks.”

As stated by Zujev, the appropriate framework of digital banking has to rely on automated systems to a large extent. “The need for human resources should be very limited. Nearly everything can and should be done automatically.” On the other hand, Zujev agrees that some vital functions should be overseen by people. “For example, people should check on all issues related to escalated legal concerns, advanced anti-money laundering or geographically specific regulatory concerns. This provides better quality assurance and security of large assets. Marketing and communications can be considered as well, but the rest should be automated.”

Forbis Group have been working on developing a true digital bank where nearly all functions are automated: “We have developed a product, which is closest to a proper digital bank now. Contomobile uses our digital bank solution and needs only 4 employees to run the operations. This white label solution is currently in high demand for financial institutions who want to go digital but do not have to reinvent the wheel.”

According to Zujev, who has worked on digital financial solutions for nearly 30 years, even modern banking solutions, while steadily becoming rivals for traditional players, should not be seen as fully digital banking companies. “Even big market players like Revolut or N26 employ thousands of employees, raking up expenses that wouldn’t be necessary for a completely digital bank. Real digital banking should be investing more in technology rather than physical assets,” argues Zujev.

Zujev holds that modern technologies are still underused in fintech sector. “Currently, the most technologically advanced frameworks are not being used to their full potential in digital banking.” One of the potential reasons for that is the still-ongoing use of more common IT solutions which are less developed than disruptive technologies. “Developers are using traditional algorithms instead of applying AI (Artificial Intelligence) or Big Data. These components are the future of automation and should be involved as much as possible.”

However, the expert agrees that the full digitalization of banking may take a while. “We are taking our first steps and many initiatives have large potential”, claims Zujev. “It is very difficult to predict how digital banks will look like in 5 or 10 years from now.” Although the future of this industry is ever evolving, some steps may ensure a more sustainable development. “A new structure and organisation of banking are necessary. There are many ideas and time will show which solutions can be the most suitable for banks and their clients.”

 

Contacts

LONDON, UNITED KINGDOM

Langdale House
11 Marshalsea Road
London
SE1 1EN
United Kingdom
+44(0) 20 7290 5300
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