TeitoEvry wins core banking contract with Norway’s Eika Alliance

TietoEVRY and the Eika Alliance, one of Norway`s largest banks and insurance companies, have entered into a comprehensive strategic agreement for the delivery of next-generation core banking and payment solutions, including card services and digital channels.

With these deliverables TietoEVRY will ensure that the Eika banks gain high-quality digital solutions that attend to compliance and security at the same time as innovative and future-oriented banking solutions.

The more than 50 local banks in the Eika Alliance provide a broad spectrum of banking and insurance products to approximately 700,000 customers in the Norwegian market. Eika’s vision is to strengthen local banks by being Norway’s most attractive partner for independent banks. Its strategic collaboration with TietoEVRY will ensure that the Eika banks have competitive and modern solutions in line with this vision.

“Our customers have ever-greater expectations of our digital solutions and services. We are therefore pleased to be able to announce that we have entered into a strategic partnership with TietoEVRY. The agreement will strengthen the Eika banks’ long-term competitiveness through significant cost efficiencies, stronger development capabilities, and greater strategic flexibility. This will strengthen our opportunities in terms of continuing to be a positive driving force for growth and progress for our customers, employees and local communities”, comments Hans Kristian Glesne, the Chair of the Board of Eika and the CEO of Skue Sparebank.

“The fact that the local banks in the Eika Alliance haven chosen TietoEVRY as their strategic partner for next-generation digital banking services represents a significant vote of confidence in our company. The agreement shows that our solutions are adapted to the requirements of the digital bank of the future and the associated need for extensive user friendliness and quality delivered both securely and efficiently. The agreement provides us with a good basis for further growth in the years ahead”, comments Christian Pedersen, Managing Partner for TietoEVRY Norway.

Prior to signing this agreement, the parties completed a thorough preliminary study based on an efficient framework that will provide the banks with a controlled migration to a new platform. 53 alliance banks that took part in the project have signed up to the new agreement. The transition to the new solution will take place step-by-step, with all the Eika banks due to be operating on the new platform by mid-2023.

“This agreement will help strengthen the Eika Alliance’s competitiveness, and its local banks will gain customer-centric solutions that will make them even closer and more relevant to their customers. Our ambition as a leading provider in the Nordic market is to help the Eika banks to make the most of the opportunities associated with open, modular and scalable banking software, with services and connected ecosystems”, comments Christian Segersven, Head of Financial Services Solutions at TietoEVRY.

About the agreement
The agreement comes into effect on 18 December 2020 and runs for five years from when all the Eika banks have migrated to TietoEVRY. The agreement also includes the option to extend for a further four years.TietoEVRY’s banking solutions are delivered as components based on industry standards resulting from the company’s close collaboration with the Banking Industry Architecture Network (BIAN). The use of modern architecture and standards ensures that TietoEVRY’s solutions are flexible, cost-effective and designed to meet international requirements. The solutions can be delivered as SaaS services from TietoEVRY, or as components installed at banks.

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