FinTech Group secures EUR 20 million contract with Vall Banc Frankfurt/Main – Growth through economies of scale and internationalisation is what FinTech Group AG is aiming for in the B2C as well as in the B2B business.
Together with FinTech Group the Andorran Vall Banc is preparing first steps to outsource the data centres to FinTech Group. Additionally the leading-edge standard platform for private and specialist banks (FTG:CBS) will be implemented as Software as a Service (SaaS) at the private cloud of FinTech Group. The unlimited contract starts with a minimum period of five years.
In close cooperation with the Andorran Regulatory Bodies Vall Banc is in preparation to implement all modules of FinTech Group’s state-of-the-art IT platform to digitalise its retail and private banking business.
The possibility to connect to the existing FTG:CBS platform with diverse Shared Services is shortcutting development periods. This form of hybrid banking allows Vall Banc to quickly offer fully digitalised and modern banking solutions to their clients, online as well as offline, while substantially reducing IT and processing costs.
Besides multi-language frontend processes such as online account opening, ebanking, and digital loan modules, SEPA as well as securities transaction systems will be installed.
“The state-of-the-art architecture of FinTech Group’s standard platform featuring technological and banking process solutions offers the buildup and extension of our ecosystem especially in cooperation with our wealth management and our easy banking architecture,” said Michael Christner, CEO of Vall Banc SAU, in welcoming the modular construction of this modern core banking system.
FinTech Group will implement the complete universal banking procedure including accounting system, regulatory reporting, data warehouse, payment transactions, loan book and securities transaction system. First modules of the standard platform will be up and running by mid-2019. The complete deployment of the FTG:CBS core banking system will be finalised in 2020. The total volume of the contract equals at least EUR 20 million in the first five years.
“Vall Banc’s order to establish a hybrid bank has proven again our competencies to unify innovative and regulatory demands in our standard core banking system for private and specialist banks,” said Frank Niehage, CEO of FinTech Group AG, in underlining the challenges of this contract.
Source Markets Insider