Banks of Russia cannot replace foreign software - mass media

Bankers in the Russian Federation complain that Russian IT solutions are low-performance and rather designed for small and medium-sized businesses.

The Association of Banks of Russia (ABR) appealed to the Russian government with a request to extend the deadline for the transition to Russian software, because it does not meet the established requirements. Russian IT solutions for banks will not be ready until January 1, 2025. This is reported by the Russian edition of Forbes with reference to the ADB letter that was sent to the ministries and the Central Bank of the Russian Federation.

"Vendors are developing these solutions, but more time is needed to complete the work, as well as for their testing, refinement, implementation and certification. All these processes are not fast, and the total duration may take several more years," said ADB Vice President Oleksiy Voilukov.

Russian IT solutions cannot protect the information of banking systems, they do not provide next-generation firewalls and intrusion detection systems, firewalls for the protection of web applications, and tools for decrypting SSL traffic, which were previously supplied by the American developers Cisco and Palo Alto Networks.

Bankers in the Russian Federation complain that Russian IT solutions are low-performance and rather designed for small and medium-sized businesses, and cost five to seven times more than Western ones.