TietoEnator and Nordea implement a pan-Nordic cash management solution

TietoEnator Corporation Press Release 19 September 2005 10.30 AM EET

TietoEnator and Nordea have today signed an agreement for the implementation of a new pan-Nordic cash management solution in Nordea. The agreement expands the existing partnership in this area into a relationship encompassing a license to use the solution in all Nordea operating countries. The agreement covers project implementation and roll-out services as well as application management including 24/ 7 application support.

The new solution will make the bank able to offer, across all Nordea operating countries, a range of innovative and complex cash management products to Nordea's corporate customers through a web-based service. The services include cross-border capabilities, sweeping and topping, zero balancing, inter company lending, balance netting, and notional pooling. The agreement comes after a successful implementation and years of stable operations of TE's Cash Management solution in Nordea Norway and Sweden.

The new Cash Management solution will enable Nordea to strengthen its relationships with corporate clients, enable reduced time-to-market when launching new products, and provide reduced operating costs. The agreement comprises the PBS Corporate Account/Cash Management and Finance Portal modules from TietoEnator's Global Solutions portfolio, and represents the most sophisticated cash management solution available in the market place today.

The agreement strengthens TietoEnator's current position as the leading provider of IT solutions and services through partnerships with the largest bank in the Nordic region. A number of leading European banks are already using TietoEnator's banking systems.

"We have decided to partner with TietoEnator because of the superior functionality of TietoEnator's Corporate Account/Cash Management solution and the strength of TietoEnator as an international supplier," said Morten Holter, Functional Manager for Cash Pool Services in Nordea. "These solutions are modern and well proven locally in Nordea Norway and Sweden. A pan-Nordic solution will also help us achieve our business strategy, and strengthen Nordea's position as the leading supplier of high value services to it's corporate clients. The signing of the agreements also initiates the start of a joint project that will run the next couple of years integrating the solution in the four Nordic countries."

"We are proud that Nordea have chosen to further enhance and strengthen the relationship with TietoEnator within this critical area for the bank", says Ståle Grønningsæter, Senior Vice President, TietoEnator Banking Solutions. "The agreement represents the continuation of a long-term and close cooperation with the foremost player in the Nordic region, and we are confident that Nordea through this partnership will gain an important competitive advantage".

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