SAP says Kaupthing Bank – which is based in Iceland, but has operations in the UK, US, and across other parts of Europe – has bought its Core Banking software applications.
The agreement includes applications for managing customer current accounts and loans for all banking customers. The implementation will be handled by Nyherji, an SAP and Kaupthing Bank partner in the Nordic market.
“We chose SAP because we wanted a long-term vendor and a proven solution. The bank has ambitious plans for unifying operations, standardizing processes and reducing the number of legacy systems,” says Asgrimur Skarphedinsson, IT development architect at Kaupthing Bank. “The SAP solution is planned to be an important component in this work. The rollout will be in a phased approach, starting with Finland and Sweden.”
Reykjavik-based Kaupthing Bank offers retail and investment banking services. It is the eighth largest bank in the Nordic countries.
“The agreement with Kaupthing Bank represents a milestone for SAP in the Nordic banking market,” says Thomas Balgheim, senior vice president, Financial Services, SAP AG. “Our core banking platform, SAP for Banking, has been sold to and successfully implemented at many European banks, but this is the first Nordic bank standardizing its core processes on SAP.”
“We believe that Kaupthing Bank may contribute to a breakthrough in the Nordic banking industry, where there is a growing need for standard, flexible software platforms that comprehensively cover core banking processes at a lower cost,” adds Kristjan Johannsson, senior director at Nyherji.