Banking software company Temenos has partnered with IT services provider Cognizant to support three Finnish banks – Savings Banks Group, Oma Savings Bank and POP Bank Group – in their digital transformation.
The three Finnish banks have selected Temenos T24 Transact and Temenos Payments Hub (TPH) for the digitalization process. The shared digital core banking platform will be implemented and managed by Cognizant, through Oy Samlink, one of its recent acquisitions.
Temenos and Cognizant are working on a ‘Banking as a Service’ platform, which is claimed to be an efficient, agile and cost-effective way for banks to modernize their core banking systems and support the development of digital strategies. Initially, the plans will be introduced in Finland, with scope for future expansion into the Nordics.
Based on cloud-agnostic, cloud-native T24 Transact and Payments Hub, the new platform is expected to yield high operational efficiencies and faster time to market.
The banking software developer claims that its experience in other Nordic banks such as Nordea and Aktia, along with the packaged functionality of its country model bank, is expected to reduce cost of deployment, offering banks greater agility.
Cognizant and Temenos will work together in transforming and operating the banks’ common core banking systems. The operational efficiency of each bank is expected to improve, allowing them to offer more compelling digital experiences to their customers across all channels.
After implementation, the new platform is expected to manage more than 10% of Finnish banking deposits and loans.
Temenos CEO Max Chuard 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.”