Kaupthing Bank, Iceland's largest bank, is to consolidate and integrate retail banking operations using the SAP for Banking platform.
The bank will use the SAP technology to consolidate operations, standardise processes and reduce the number of legacy systems across the group.
Asgrimur Skarphedinsson, IT development architect at Kaupthing Bank, says the platform will be implemented in phases, beginning with the bank's operations in Finland and Sweden.
The vendor says Kaupthing is the first bank in the Nordic market to standardise core processes on SAP technology. The installation will be handled by SAP's partner in the Nordic market, Nyherji.
Kristjan Johannsson, senior director at Nyherji, says there is a growing need in the Nordic market for standard, flexible software platforms that cover core banking processes at a lower cost.