Milestones reached in Nordea’s tech overhaul
Tech overhaul underway
Nordea is progressing with its enterprise-wide technology overhaul. The bank says new savings and term deposit accounts for Finnish household customers are now being opened on the new core banking platform, Temenos’ T24.
This and other project updates were provided in the bank’s Q1 2018 financial results.
“Earlier this month, we migrated just under 250,000 existing savings accounts belonging to household customers onto the new core banking platform and the remaining accounts will be migrated in the coming weeks,” the bank says.
A milestone has also been reached in the roll-out of a new collateral management module in Norway – collateral worth NOK 30 billion ($3.8 billion) was migrated onto the platform. Collateral migrations in Norway will continue throughout 2018.
Also, the bank has started the roll-out of a “completely new” mobile banking app, with Finland as the first country. The roll-out is gradual, taking place throughout April and May. At present, the new app is available for 40% of Android customers in Google Pay and has been downloaded by more than 60,000 customers, Nordea says. It will be available in Apple’s App Store shortly.
“We are more compliant with all euro payments (SEPA Credit Transfer Interbank payments), which are now running on one global payment engine,” Nordea says. The underlying technology is FIS’s Open Payments Framework (OPF) platform, which originates from the FIS acquisition of paytech firm Clear2Pay.
“We have also reduced complexity by closing close to 190 applications linked to our data warehouse simplification stream. Local data warehouses in Norway have now been closed,” Nordea reports.
And finally, on the blockchain front, Nordea has joined the we.trade consortium as founding partner. Together with IBM, we.trade is building a platform based on distributed ledger technology (DLT) that aims to make domestic and cross-border commerce easier, safer and more efficient for companies.
“This is the first blockchain-based trade finance platform as such, marking a milestone in the practical adoption of DLT in the financial industry,” the bank states.
