EDB Business Partner has signed a final agreement with Forex Bank for the delivery of banking software solutions as a service, together with operating services for the solutions, for a period of five years.
The agreement represents total contract value in the order of SEK 200 million.
"This agreement with FOREX Bank demonstrates that EDB also offers a competitive service delivery model for the banking and finance sector in Sweden. This is an important area of focus for EDB, and we are experiencing strong demand for standardised solutions that are cost-effective while at the same time offering a high degree of renewal and rapid time-to-market", comments Executive Vice President Wiljar Nesse at EDB.
"Our collaboration with EDB ensures that we have access to competitive solutions, reliable operating services and rapid access to new solutions. This means that we can focus more on our core activities", comments Magnus Cavalli Björkman, Managing Director of FOREX Bank.
About the contract with FOREX Bank
EDB announced on 25 August 2009 that it had entered into a preliminary agreement with FOREX Bank. The parties have now signed the final agreement, which runs for five years and represents estimated total contract value of almost SEK 200 million. The contract provides for EDB and FOREX Bank to implement a transformation process involving the takeover of FOREX Bank's IT services. EDB will then provide a complete portfolio of software solutions, including operating services, as a service delivery for FOREX Bank ('software as a service'). This is a standardised service delivery concept that EDB will also offer to other banking customers in Sweden.