Norwegian banks revamp tech

Norwegian banks revamp tech

Norway-based banking software provider Evry has signed a new five-year agreement with a domestic banking group, Fana Sparebank, to modernise its tech.

Evry will deliver “a complete portfolio of solutions” – core banking, payments and self-service – to Fana Sparebank, according to the vendor’s EVP of financial services, WIljar Nesse.

The agreement includes the option to extend for a further two years, once the first five years come to an end.

The two companies have been working together for a number of years already: Fana Sparebank uses Evry’s older core banking platform (based on Cobol, DB2 and CICS).

Evry has been on the journey to overhaul its core tech over the last few years, re-writing its offering in Java.

“We want to be where our customers are and to satisfy their requirements, whether in terms of technology, their choice of channel or the time at which they want to use our services,” states Lisbet K. Nærø, CEO of Fana Sparebank.

Nærø feels that with Evry’s help, the bank will be able to “deliver more than customers expect”.

The new software will “equip us for the future” as well as reduce the bank’s IT costs, she adds.

Fana Sparebank is the only local bank in Bergen. It employs 150 people and has four branches, plus a number of subsidiaries that provide banking, savings, lending and insurance services.

Evry has signed similar agreements – to move its legacy users to the new Java-based core banking system – with:

  • Sparebank 1, an alliance of 16 Norwegian savings banks;
  • Sparebanken Vest, a group of four banks comprising Sparebanken Sør, Sparebanken Sogn og Fjordane, Helgeland Sparebank and Gjensidige Bank;
  • De Samarbeidende Sparebankene (an alliance of nine savings banks);
  • Sparebanken Møre;
  • Handelsbanken Norway.

The contracts have a combined total value of approximately NOK 6.2 billion ($728 million).

The vendor states it has “big ambitions for the Nordic market”.

It is “establishing its new core banking solution as a service platform using industry-standard components”. The development strategy and implementation methodology are “firmly based” on the Banking Industry Architecture Network (BIAN) standards. Evry says it is the only Nordic IT service provider that is a member of BIAN.