Tieto moves in on transaction banking

Source: Tieto

Tieto, a leading IT services company in Northern Europe, has launched a new integrated payments offering.

Targeted at both major international banks as well as smaller finance firms, the total transaction banking delivery solution supports every part of a bank's transaction business.

This new offering integrates business messages and connectivity to provide the operational framework to support a wide range of financial transaction automation systems and services. This includes e-invoicing and e-ordering, making and collecting payments (including both buyer-to-supplier and interbank) and two functional areas for managing personal finances and corporate cash and liquidity. The final element in the financial processing chain is financing for both consumer and corporate clients.

Mats Wikström, director of Transaction Banking at Tieto, says: "Although Tieto has successfully been offering services and solutions to address these issues for some time, what's new is that we have now put the different extended payment components together into one end-to-end offering where unique synergies and values are created. The solution draws on our experience of providing extended payments systems throughout Europe. Tieto is one of the leading Nordic Transaction Banking vendors and also provides extended payment services to major banks in the UK."

Jack Large, a partner at financial services consultancy firm J&W Associates, comments: "Tieto has got the widest spectrum of solutions in the business covering all the different facets of the transaction banking value chain. The company has now brought this together as a total solution, which is a new way of looking at transaction banking. Banks need to have a total view of where their business is going and how to put the pieces together most effectively and Tieto's offering addresses that need."

Tieto sees opportunities for growth in extended payments. "We are facing a post-recession period when industry activities rapidly increase and supply chain activities are globalized," Mats Wikström says. "Likewise SEPA is s starting to take off, changing the payment landscape forever. We also see a clear trend where banks are engaging in the financial supply chain providing solutions for trade message exchange, financing and risk management. This changing landscape requires new and more advanced solutions which Tieto already has available in its extended payment portfolio together with the skills and the experience to make our customers successful."

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