Nordea has selected a host of new systems - TEMENOS T24 (T24) for middle and back-office transaction processing and settlement, Insight for business intelligence, AML for compliance and Temenos Connect for internet banking. This selection is in addition to its usage of Triple'A Plus for portfolio management, installed in 2010. In doing so, the bank standardises on a suite of best-of-breed but fully interacting and integrated applications and replaces a number of legacy systems.

The decision to consolidate applications and standardise on Temenos' best of breed platform comes as Nordea embarks on a technology project aimed at improving operations, while giving the business the tools to adapt quickly and offer highly differentiated products and services in a market undergoing significant regulatory, competitive and customer changes.

The integrated platform, to be installed in a hub in Luxembourg, will give Nordea a single view of its customers coupled with real-time customer analytics, a complete view of risk, a compelling and interactive internet banking experience and the most advanced portfolio management and reporting tools - all while lowering its IT and back-office expenditure through greater process automation and software and hardware consolidation.

Jean-Philippe Bailly, COO Nordea Bank S.A., said: "Technology is a key component to understanding our clients, protecting our business, and providing the best possible service and customer experience. We therefore needed a robust, modern and scalable solution that provides sophisticated functionality for the different areas of our international business in a cost-effective way. Temenos' market-leading private banking suite will deliver the best added value for our business. It will provide us with a flexible architecture to support our organic and international growth and will help us keep up with the industry's rapid changes."

David Arnott, CEO, Temenos, said: "We are delighted to be extending our strategic partnership with Nordea. This signing represents one of the largest system replacements in the European banking market in the past 24 months, and demonstrates that banks are starting to look beyond the crisis and realise that they will have to invest to remain competitive. It shows that investments with quick time to value and a clear progressive renovation story are compelling at board level, and can attract budget even when most banks are cutting costs in other areas of their business. Lastly, we believe that the significant investments we have made, including the acquisitions of Odyssey and edge IPK, have left us with an unbeatable proposition for the PWM marketplace: a complete portfolio of open, integrated and best-in-class solutions which help our customers to prosper in an era of tougher regulations, stronger competition and more exacting customer requirements."