Three Finnish banks – Oma Savings Bank, POP Bank Group, and Savings Banks Group – have opted for a new shared core banking platform, Temenos’ T24 Transact.
The new system will be implemented and managed by the vendor’s partner in the Nordics, Cognizant (which has gained regional capabilities via the acquisition of Samlink earlier this year).
The banks will also implement Temenos’ payments offering, Temenos Payments Hub(TPH).
Temenos and Cognizant are collaborating on a Banking-as-a-Service platform that will initially be made available to clients in Finland with plans for further expansion into the Nordics. The two parties describe the offering as “efficient, agile and cost-effective”.
Once implemented, the new software “is expected to yield exceptional operational efficiencies and faster time to market” for the three Finnish banks, Temenos states.
Once the project is completed, more than 10% of Finnish banking deposits and loans will be managed by the new platform.
Max Chuard, Temenos’ new CEO describes the deal as “strategically important”. It highlights the company’s “continued momentum in the Nordics market”, he explains.