Banking software firm Temenos is working with three banks in Finland with their digital transformation.
Savings Banks Group, Oma Savings Bank and POP Bank Group have selected Temenos’ T24 Transact and Temenos Payments Hub for their digital transformation.
The platform will be implemented and managed by Cognizant through its recent acquisition of Oy Samlink Ab (Samlink).
The Finland banks are collaborating with Temenos and Cognizant on a “banking as a Service” platform for digital transformation. Initially in Finland, there are plans to expand further into the Nordic region.
Temenos already has experience in the region having worked with Nordea and Aktia. It hopes to yield exceptional operational efficiencies and a faster time to market.
Once implemented, more than 10% of Finnish banking deposits and loans will be managed by the new platform.
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Ramesh Ramani, Senior Vice President, Cognizant, said: “We needed a strategic technology partner with robust, scalable technology to power the banks’ digital shared banking platform and support their individual digital transformation goals. Temenos and Cognizant have been strategic partners for approximately ten years. With its Nordic and global experience, Temenos emerged as the ideal partner. The new core banking platform, based on Temenos software, will enable the banks to streamline processes with greater agility and scalability, provide cost efficiencies across IT and business operations and accelerate time to market for launching innovative products and services.”
Max Chuard, Chief Executive Officer, Temenos said: “This is a strategically important signing for Temenos as it highlights our continued momentum in the Nordics market, where we support flagship banks such as Nordea with their core transformation projects. We are pleased to be partnering with Cognizant and helping the Finnish banks transform their existing legacy banking systems to an open, digital banking platform. Our cloud-agnostic, cloud-native banking software combined with our functionally rich country model means that Temenos technology is now becoming the de facto choice in the Nordic region and beyond for incumbent banks and challengers.”