Mar 13, 2024

Forbis Will Export Abroad the Treasury Single Account System

In June, the Lithuanian consolidated treasury account information system (VIKSVA) that will allow the State Treasury saving up to EUR 2.6 million a year, will celebrate its one-year anniversary. The system has been designed for the Ministry of Finance and implemented by Forbis – the Lithuanian developer of banking systems. The company is now announcing ambitious plans to repeat the success story abroad.

VIKSVA provides state-owned enterprises with the infrastructure to create and manage accounts, make payments, and perform other e-banking services in a single system. By connecting all the institutions, even 480 budgetary, public institutions, and foundations will save money as they will no longer have to pay bank fees for account management, transfers, etc. Among the institutions that will save the most are the National Paying Agency, Social Insurance (SoDra), Customs of the Republic of Lithuania, and State Tax Inspectorate (STI).

According to Miroslav Švabis, CEO of Forbis, the successful implementation of the VIKSVA project gives way to exporting abroad – to Eastern and Southern Europe, Asia, and even Africa.

“Treasury Single Accounts were initiated by the International Monetary Fund, and as a result, some countries have already implemented, and many more are working towards implementing the principle of the unified treasury management. We see the most potential for exporting this GovTech product to countries similar to quickly developing and modern Lithuania”, said M. Švabis.

According to the expert, there are not many players in the market that can independently implement and support projects of a similar scale, which is why Forbis’ export potential is viewed positively.

“It can take 24 months and a lot of experience for a project like VIKSVA to see the light of day. It all starts with a detailed analysis and preparation of technical specifications, then the system is designed and implemented with alongside ensuring versatility. This means that customers expect to get everything from a single source: SEPA and SWIFT payments, a range of fund management products, and e-banking functionality. The fact that we have been able to successfully and independently implement this project is the result of almost 30 years of operation in the FinTech sector,” stated M. Švabis.

M. Švabis has emphasised that single treasury accounts are an essential infrastructure for the management, security, and transparency of public funds, and that it is therefore crucial for the institutions to work with trusted suppliers. Foreign customers need proof of quality – Forbis has ISO 27001, ISO 20000, and ISO 9001 certificates in place.
Forbis presents its success story of the implementation of the Single Treasury Accounts project at international events and to foreign finance ministries. To successfully reach foreign audiences, the company cooperates with Lithuanian embassies abroad. Thus, in the coming years, Forbis hopes to attract investments for business development, establish partnerships with foreign IT system vendors, and expand its activity in other regions of the world.