PrivatBank introduced the world to the cloud OS

For 5 years in a row PrivatBank has visited Finovate, a leading financial technology conference. This time we unveiled our new innovation at FinovateSpring in San Jose (CA).

Sergii Danylenko, PrivatBank Marketing Director, together with his collegue Anatolyi Rogalskyi, presented to the world the service on 13 May, 2015.

PB cloud os

A major problem of modern companies is the high cost of changing their business processes both in temporal and financial terms.

According to a Gartner report, support for existing IT services has a higher priority than implementation of innovations. Now 60-80% of the companies’ IT budgets are spent on IT infrastructure support rather than on implementation of innovations. is a cloud operating system for companies’ business processes management. It solves this problem and allows users to build business processes quickly based on a modern digital core. Such transfer needs a minimum of developers and even ordinary managers without programming experience can support a new system and modify business processes.

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Hearing all features of Corezoid, the audience surrounded the team’s booth to learn more about the service. Corezoid team members even got caught with questions in the toilets! Speakers were surrounded by executives of PayPal, Hitachi, KPMG and other famous brands that really understand the pain of business process management in legacy systems.

During a networking session, the Corezoid team met with representatives of more than 150 companies, half of which are ready to try Corezoid themselves. We invite all who wish to start a pilot project with us (for free), which can work in parallel without interrupting company operations.

Here is a compilation of tweets made during the performances of the Corezoid team.

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Claudia Jones @corezoid

@aaronsuplizio PB



james hodges finovate
Most banks solve their IT tasks by purchasing ready-made solutions, the implementation of which takes a long time and a lot of money.

“We have been honestly trying to adapt to our needs products available on the market, – says Deputy Chairman of the Board of PrivatBank Oleksandr Vityaz, – but it was either long and expensive or too long and too expensive, and the cost of changes is always too high.”

As the result of these regrets, in 2005 the idea of a cloud operational system Corezoid (“zoid” means “life”) arose. It is the very first cloud operational system (COS) that is capable to implement and support any algorithms and business processes. While you are reading this text, 32,000 little corezoids operate easily in Privat24 and have already performed about 4 million logical operations.

Any questions about Corezoid? Write PrivatBank an e-mail!

PrivatBank launched selfie-authorisation

PrivatBank has launched a new technology in Ukraine for online verification of transactions by means of selfie or by entering PIN-code of a card. This method of customer verification via the Internet is used when the bank needs additional approval from a customer that this transaction is made actually by him/her (i.e. there are suspicions of fraud or there is a risky payment).

“Previously a customer had to contact the bank by phone to confirm a risky payment in case our security system requested an additional client’s verification,” – says Oleksander Sokolovskyi, Head of the Fraud Management Department. – “Now our Privat24 will ask a customer to confirm the payment with a selfie made with smart phones’ or PC camera or by entering the PIN-code of the card. It is convenient, especially if a customer is on vacation or abroad, fast and provides the particular security of the payments.”

Using selfie-verification the bank’s security system compares a received selfie with customer’s photos within the bank’s database. The system accurately distinguishes the real customer’s photos from fake ones. Also the huge popularity of selfies among users enables not only authenticating customers in a convenient and pleasant way for them, but also to hold selfie-contests among PrivatBank’s customers in the future, of course, with their consent.