Ramesh Ramani, Senior Vice President, Cognizant

The Finnish banks – Savings Banks Group, Oma Savings Bank Plc and POP Bank Group, have chosen Temenos’ T24 Transact and Payments Hub as a part of their digital transformation strategy. This new shared digital core banking platform will be implemented and managed by the professional services provider Cognizant.

Temenos, in collaboration with Cognizant, will provide the Finnish banks with its Banking as a Service platform, thereby aiming to facilitate digital progress and software modernization for them.

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.”

According to the supplier, the new platform is expected to cut deployment costs, increase their agility and handle 10% of the Finnish banks’ loans and banking deposits, once implemented.

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.”

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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