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EDB signs Forex Bank

25 August 2009  |  2083 views  |  0 Source: EDB

EDB has entered into a preliminary agreement with Forex Bank AB to supply banking services and to take over the operation of the bank's IT solutions.

The agreement runs for 5 years, and represents total contract value of around NOK 200 million.

"This agreement is strategically important for EDB, and represents a service delivery model that is an important area of focus for us. EDB wants to be a driving force in promoting software as a service in the Swedish market. The agreement with FOREX Bank confirms that EDB's software as a service model is already competitive in today's market", comments Wiljar Nesse, Executive Vice President - Bank & Finance at EDB.

"The crucial factors for FOREX Bank when choosing our supplier were cost-efficient solutions and speed to market. Our collaboration with EDB will give us access to competitive solutions and reliable operations, and this will allow us to focus on our core activities", comments Magnus Cavalli Björkman, Managing Director of FOREX Bank.

The final agreement is expected to run for 5 years, and represent total contract value of around NOK 200 million. The agreement also provides for EDB to take over 5-10 employees.

Software as a service

The preliminary agreement provides for EDB and FOREX Bank to work together to prepare the implementation of the transformation process and transfer of FOREX Bank's IT services. The overall objective is for EDB to provide a complete portfolio of solutions, together with operating services, as a service delivery for FOREX Bank ('software as a service'). EDB will also provide interfaces between its solutions and the Swedish banking system's infrastructure.

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