Source: EDB
GE Money Bank has entered into an agreement with EDB for banking solutions and operating services for its activities in Denmark and Norway, with an option to extend to the other Nordic countries and the Baltic States.
The agreement runs for 7 years, and represents expected total contract value in the first phase of NOK 160 million.
EDB will deliver standard components for cards, payments and reporting to the authorities. In addition, EDB will supply a general customer account ledger system based on FLEXCUBE from i-flex.
International breakthrough
"This is an international breakthrough for EDB's solutions portfolio, and demonstrates that our strategy for the banking and finance market is proving successful. GE Money Bank is a large and exciting player in the international banking market, and this agreement opens the door to long term collaboration with the bank in the European market in a number of areas", comments Endre Rangnes, CEO of EDB.
EDB offers platform-independent solutions for bank offices, payment services, card systems, self-service banking and related services, combined with FLEXCUBE solutions from i-flex.
EDB and i-flex agreed in Autumn 2005 to collaborate as preferred partners for the Nordic region, and this contract represents a breakthrough for this collaboration.