The insitutions are Savings Banks Group, Oma Savings Bank and POP Bank Group. More than 10% of Finnish banking deposits and loans will be managed by the new platform.
Under a multi-year agreement, Cognizant will transform and operate the banks common core banking systems and support each individual banks enterprise digital strategy. The new core banking platform, based on Temenos T24 and Temenos Payment Hub (TPH), will enable the banks to streamline processes and reduce overall costs of systems and business operations. The banks will be able to launch new products and services and their customers will benefit from improved experiences across mobile, internet and in-branch banking.
As part of the agreement, and subject to satisfaction of certain regulatory closing conditions, Cognizant will acquire Oy Samlink Ab, the current technology services provider owned by Savings Banks Group (42%), Aktia Bank (22.56%), Oma Savings Bank Plc (15.45%), Handelsbanken (7.53%), Posti Group (5.88%), POP Bank Group (5.24%) and several other minority shareholders.
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