Cognizant to Acquire Finland backed OY Samlink
Three Finland based banks, Savings Bank Group, Oma Savings Bank Plc, and POP Bank, have selected Cognizant to revamp their banking operations and systems to the latest financial technologies such as Temenos T24 and Temenos Payments Hub (TPH).
Under this multilayer agreement, Cognizant will develop a core banking platform to provide greater agility, streamline crucial processes and increased scalability. The new banking systems will reduce overall operating costs and would be a first step towards realizing Finland Banks’ digital transformation goals.
One such layer in the agreement if all regulatory conditions farewell is that, Cognizant will acquire Oy Samlink Ab, the current financial technology service provider owned by Savings Banks Group (42%), Akita Bank PLC (22.56%), Oma Savings Bank Plc (15.45%), Handelbanken (7.53%), Posti Group PLC (5.88%), POP Bank Group (5.24%) and several other minority shareholders. They are having three Finland Banks already as clients would make this an important strategic acquisition to strengthen Cognizant’s banking technology capabilities and expand its network delivery centers in the Nordics. Oy Samlink brings deep expertise in the Finnish banking market and two delivery centers in Finland to the Cognizant team.
Oy Samlink needed a strategic partner with global scale, and proven success in modernizing banking IT systems and delivering the type of robust capabilities required to foster our collective digital transformation goals, a key part of which is the core banking platform renewal.
“This is the signal most significant digital transformation project to date in the banks’ histories.” Said Tomi Narhinen, Oy Samlink Ab’s Chairman of the Board.
A secure, cloud-enabled core banking system offers efficient and effective roll-out of new features and products, facilitates excellent customer experiences and also cuts down operation lags. These future ready abilities can only be delivered with deep expertise in business process operations and developing and implementing intricate banking systems and information technologies. Cognizant is the world’s leading professional services company transforming client’s business process and streamlining operations with efficient and effective utilization of technology.
Cognizant on the other hand looks forward to welcoming Oy Samlink Ab employees to their family. They plan to establish banking and financial services’ centers of excellence at Oy Samlink’s facilities which will further enhance Cognizant’s capabilities to serve clients across Nordics and Europe as a whole.