Swedbank in Finland
Helping one of the largest Scandinavian banking group to establish corporate customers’ business in Finland by successful delivery of fully functional Banking System (core bank, loans module, and internet bank) in the shortest possible time-frame. Swedbank was able to launch it’s operations on Finnish market in 6 months time from the beginning of the project.
In 2005 Swedbank decided to follow its key customers who were powerfully entering the Finnish market at that time, hence they needed to open their operations in Finland as quickly as possible. Thus, they faced the challenge to have a fully functional Banking System that would comply with all the local regulations in Finland while being implemented and integrated with the corporate systems (e.g. S.W.I.F.T and corporate reporting) in Stockholm, Sweden, within the shortest possible time-frame.
Icefire was chosen by Swedbank to carry out the project mainly because of the business know-how and proposed timeline of the project - shortest timeframe to enable start of the banking operations. The banking system had to include core bank, loans module, and internet bank functionality. During the project we needed to study and understand the whole set of Finnish regulations and standards, including the Central Bank requirements, rules for National Clearing, as well as very specific standards for communications and security. In parallel a very intense co-operation with the Headquarters in Stockholm took place as Swedbank’s corporate administrative and business processes had to be understood and adjusted to the Finnish legislation.
After the initial 6-month long development cycle, solution and business rollout took place successfully.
- Development and implementation of new and fully functional Banking System (core bank, loans module, and internet bank) for Swedbank Finland corporate customers’ business in only a half a year’s time. On top of that, the following additional services and solutions were added, amongst others:
- Implementation of Customer-To-Bank and Bank-To-Customer file transfer and processing of payment and bank statement files in Finnish local standards
- Integrating Swedbank Finland with Finnish Interbank Clearing System
- Integration of Finnish Multibanking Software Applications (OpusCapita, Basware) and Swedbank Finland system for payment and account statement files exchange
- In cooperation with Swedbank Sweden implementation of Single-Point-of-Entry solution for Swedbank Sweden internet bank customers having accounts with Swedbank Finland. The solution enabled login to Swedbank Finland internet bank via Swedish internet bank, using authentication service of Swedbank Sweden internet bank with automated redirect.