Handelsbanken in Finland has signed a contract worth about NOK650m ($75.44m) with Norwegian information technology company EVRY to develop next generation core banking and payment solutions.
As part of the eight-year contract, EVRY will develop a complete portfolio of banking software solutions to Handelsbanken in Finland to serve both corporate and private banking customers.
EVRY stated that the agreement is an important step for the company in establishing itself in the Finnish market and strengthening its strategy to continue its growth in the Nordic and international markets.
The contract includes the development of core banking and payment software solutions, internet banking for personal and corporate customers, loan management and back office solutions for the bank’s employees, along with selected card services.
EVRY will deliver these solutions as a Software as a Service (SaaS) solution. The IT company claims that the solutions will be based on its new and cost-efficient platform for end-to-end banking services.
The new software is expected to help Handelsbanken continue to be at the forefront of providing efficient banking services to its customers, while facilitating the bank’s growth in the Finnish market.
Handelsbanken in Finland CEO Nina Arkilahti said: “EVRY’s services are already widely used by Handelsbanken in Norway for many years.
“EVRY’s solution will give us a modern and configurable banking platform with extensive product development capabilities. Modernising our core banking system in this way will enable us to develop more efficient processes and thereby to provide better customer service.”
EVRY stated that the new core banking solutions will be delivered as components based on industry standards. The components will be based on its close collaboration with the Banking Industry Architecture Network (BIAN).
The use of modern architecture and standards, including ISO 20022 can ensure that the solutions are flexible and cost-effective in meeting international requirements.
EVRY financial services executive vice president Wiljar Nesse said: “This agreement is an important milestone for EVRY’s deployment of next-generation core banking and payment solutions in Finland, and evidence that our banking platform is highly competitive internationally. It is a big vote of confidence from Handelsbanken in Finland to have chosen EVRY as a strategic partner.
“We will provide Handelsbanken with customer-centric core banking and payment solutions that will enable it to respond more quickly to changes and to be more agile in taking new value-adding services to market.”