Challenger bank Lunar selects FIS’ risk management solution

By Megha Bhattacharya

Nordic challenger bank Lunar today selected FIS‘ cloud-based treasury and risk management solution with an aim to gain support in liquidity optimisation, risk management and expansion. Lunar selected FIS’ private cloud-based Ambit Quantum for simplifying hedge accounting, regulatory compliance etc. The FinTech will implement the solution on the private cloud under a managed services contract.

“We’re excited to work with FIS as we look to change banking in the Nordics,” said Anders Hartlev, CFO at Lunar. “Our goal is to change the way people think about and spend their money, and technology is the enabler in that revolution. This innovative solution from FIS will provide us the tools we need to manage risk and maximize our liquidity as we continue to expand our client base and portfolio of offerings.”

Lunar will be utilising FIS SWIFT Service Bureau for connecting its treasury and payment operation to banking partners through SWIFT and other industry exchanges and networks. The challenger bank said that it was looking for a treasury management solution that provides rich functionality while leveraging open application programming (API) interfaces to ensure simple integration with cloud-based applications.

Recently, open banking platform Nordic API Gateway announced the addition of Lunar to its list of Nordic banks already taking advantage of the open banking technology to create value-added, multi-banking features. The partnership is said to enable Lunar to take an important step in becoming the primary banking interface for more than 170,000 users.

“In today’s uncertain business environment, it’s more critical than ever that banks have an accurate, real-time view of their treasury payments, cash flow, and portfolio risk,” said Andrew Bateman, Head of Capital Markets Buy Side at FIS. “We are excited to welcome Lunar as a new FIS customer and are confident that our treasury and risk management solution will provide the platform this digital bank needs to support and power its continued growth.”