Hoist Finance selects LTI’s Digital Banking Platform in Europe

By Megha Bhattacharya

Pan-European financial services company Hoist Finance has selected Larsen & Toubro Infotech Ltd (LTI). for Banking-as-a-Service offering for Performing Loans segment through the latter’s Digital Banking Platform. LTI’s Digital Banking platform, powered by Temenos, will enable Hoist Finance to be more scalable and with faster on-boarding of new asset classes across regions. The platform provides seamless interoperability, agility, and higher security at a lower total cost of ownership. LTI’s Digital Banking platform will seamlessly operate across existing Hoist applications and infrastructure through an API driven interface to connect with third party systems.

Klaus-Anders Nysteen, CEO, Hoist Finance, said, “The strategic partnership with LTI is in line with our growth strategy for performing loans segment in Europe. It will help us strengthen Hoist’s positioning as a leader in this segment with digital-first strategies. LTI has been a strategic partner for Hoist since 2019 and has supported multiple transformation initiatives, spanning workplace transformation, infrastructure transformation and migration to the cloud. Onboarding LTI’s digital banking platform was a natural extension of our strategic partnership.”

LTI’s Digital Banking Platform provides end-to-end integration with Temenos Transact, Temenos Infinity, Temenos Payments, and Temenos Financial Crime Mitigation as well as FinTech solutions like regulatory reporting, authentication, KYC solutions, card services, and payment solutions available on Temenos Marketplace.

Sanjay Jalona, CEO & Managing Director, LTI, said, “LTI’s digital banking platform combines our functional and technological expertise to modernize operations without huge upfront investment or license cost. The consumption based model offered by the platform will enable banks to stay competitive without worrying about technology cycles. We are proud of our partnership with Hoist, and look forward to enabling their expansion across Europe.”

Julia Ehrhardt, Chief Retail Banking and Business Development Officer, Hoist Finance, said, “LTI’s state-of-art digital banking platform will facilitate Hoist in accomplishing its strategic objective of enhancing its market share in the retail banking segment which is estimated to grow from 700 Million SEK currently to 4 Billion SEK by 2023. LTI’s platform is fully scalable, providing Hoist with the agility to expand its performing loans and deposits offering into all of our markets.”