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SpareBank 1 extends Evry contract

07 November 2016  |  2229 views  |  0 Source: Evry

Evry and SpareBank 1 in Norway are extending their collaboration that involves EVRY providing next-generation core banking and payment solutions as well as banking services.

The agreement is intended to meet the challenge of today’s a dynamic market in which bank customers continually demand new and user-friendly services. The agreement represents total contract value of approximately NOK 3 billion over a six-year period. The agreement includes the option to extend for a further seven years.

The use of digital services has exploded, and banks are in a competitive market that requires a greater focus on costs. Banks can become more competitive through a combination of simpler digital solutions and automating their back-office processes.

“SpareBank 1’s ability to adopt new technology is of crucial importance in order for us to be a leading banking alliance and to offer industry-leading services to our customers. Our values are based on closeness, local expertise and security in every-day digital life. In EVRY we have a collaboration partner that thinks long-term and that understands the mechanisms in the banking market and our needs. The agreement with EVRY that we have extended gives us access to stable, flexible and cost-efficient IT services, and enables us to be quicker in taking new services to market. We are now building an efficient platform for modern banking operations with digital solutions that will ensure that we are well-equipped to meet our customers’ requirements in the future as well”, comments Jon Oluf Brodersen, CEO of SpareBank 1 Banksamarbeidet DA.

“The renewal of this agreement represents a big vote of confidence in us and confirms the validity of our strategic focus on developing and delivering next-generation core banking and payment solutions. A customer-centric core bank gives banks more space to capitalise on initiatives in Open Banking. SpareBank 1 is very committed to providing its customers with user-friendly and effective digital services. We will continue to contribute to SpareBank 1’s efforts to modernise, simplify its business and increase its cost-efficiency, and will also help make the bank even better equipped to respond to the market’s demand for services that are more relevant and more personal in a digital world”, comments Björn Ivroth, CEO of EVRY.

The banking sector is one of EVRY’s most important growth areas, and this agreement confirms the company’s position as the leading IT partner for banking and finance businesses in the Nordic region. The contract with the SpareBank 1 Alliance is of strategic importance to EVRY as it provides a solid basis for further growth in the Nordic region in the years ahead.

Future-oriented banking solutions

EVRY is establishing its new core banking solution as a service platform using industry-standard components. EVRY’s development strategy and implementation methodology are firmly based on the company’s close collaboration with the Banking Industry Architecture Network (BIAN), of which EVRY is the only member that is a Nordic IT service provider. The use of modern architecture and standards, including ISO 20022, ensures that EVRY’s solutions are flexible, cost-effective and designed to meet international requirements.

About the agreement

The agreement runs until 31 December 2022. SpareBank 1 has the option to extend the agreement by a further seven years, which is to say until 31 December 2029. The agreement represents minimum total contract value of NOK 3.0 billion over the next six years. 

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