Finnish banks to share core banking height and supplier

Three banks in Finland have come together to emanate a common core banking height as partial of their biggest ever IT project.

The understanding to renovate digitally sees selected IT retailer Cognizant enhance a resources in a Nordic segment by a merger of an IT retailer owned by a organisation of banks.

Savings Banks Group, Oma Savings Bank and POP Bank have outsourced a building and operation of a platform, that will conduct 10% of sum deposits and loans in Finland.

A poignant apportionment of core banking systems are not areas that assistance banks differentiate, so pity them can urge efficiency. To this end, Cognizant sealed a understanding that will see it emanate and run a common height for a banks, as good as support a banks away on their digital strategies.

The use provider will acquire stream record services provider Samlink, that is 42% owned by Savings Banks Group along with other banks with smaller shares.

Tomi Närhinen, authority during Samlink, pronounced this is a many poignant digital mutation plan to date for all a banks involved. “This is partial of a confidant beginning that will concede us to automate estimate and offer a business a wider operation of products,” pronounced Närhinen.

“We indispensable a vital partner with tellurian scale, as good as proven success in modernising banking IT systems and delivering a form of clever capabilities compulsory to encourage a common digital mutation goals, a pivotal partial of that is a core banking height renewal.” 

Despite many of Cognizant’s staff being formed in India, it still has a clever informal presence. In 2016, as partial of a deal with Norway-based financial services organisation Storebrand, Cognizant stretched a smoothness and operations in Europe by a centre in Vilnius, Lithuania. This centre became Cognizant’s record centre of value for financial services in Europe.