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In 1996 Swedbank started a process to modernise their core banking platform. Today, the bank is running 5 million cards on the new platform, and is now in the process of extending the platform to also run 12 million deposit accounts for Swedbank and 92 co-operating banks. The platform is based on TietoEnator’s Core Banking Suite.
Swedbank started the modernising process with implementing a new card solution in 1998 and continued when a new version of the solution was introduced in 2003. The implementation has been a tightly knit co-operation project between Swedbank, 92 co-operating banks and TietoEnator. All the banks are running on the same system configuration, a complex setup that is solved by a unique multi-bank functionality.
In addition to card products, Swedbank also saw the need to manage deposit and liquidity management products on one, common solution in that same multi-bank environment. The bank would then be able to offer their corporate customers an internet tool for cash management in hierarchies. The new unified solution was fully operational in the Autumn of 2006.
Swedbank has an incremental approach to the modernisation
The bank has had a stepped migration with implementing one module at a time. This takes more time, but is highly recommended because of the complexity involved in replacing core legacy applications.
Swedbank focuses on a long-term implementation phase as a gradual improvement of the existing infrastructure is the realistic goal. The procedure is planned together with TietoEnator and the results look promising.
The first customer to take full advantage of TietoEnator's Core Banking Suite
By the end of this year Swedbank will have modernised their card, deposit and cash management areas. They are also using functionality from the customer module and product development of Core Banking Suite. Swedbank is the first customer to take full advantage of the Core Banking Suite's functionality for on-line posting. This gives the bank extended capabilities to meet the current popular demands for updated account information in internet banking. The system also produces operational benefits such as improved performance in transaction handling.
Bertil Deurell, Swedbank: "We have decided to partner with TietoEnator in the area of modernising core banking. Our implementation of the new core banking module for cards fulfilled our expectations. These solutions are modern and well proven and will assist IT in delivering added value and competitiveness to our business".
Today, Swedbank has Sweden's largest internet bank with 1.1 million customers and 2 million customers using the telephone bank. The final conversion of 12 million deposit accounts from the old systems to the Core Banking Suite took place in 2006.
Additional information:
Kjersti B. Revelsby, Marketing Director
Phone: +47 23 31 91 49
Mobile phone: +47 90 82 68 20
Fax.: +47 23 31 90 01
E-mail: Kjersti B. Revelsby
Tor Solheim Lunde, Key Account Manager
Phone: +47 23 31 91 57
Mobile phone: +47 91 39 28 22
Email: Tor Solheim Lunde