Finland's MuniFin taps OpenLink for STP and risk management software
17 May 2018 | 2134 views | 0
Openlink, an ION Investment Group company and leader in trading, treasury and risk management solutions, today announced that Municipality Finance Plc (MuniFin) of Finland selected Openlink's solution to enhance the institution's straight-through processing (STP) capabilities and comprehensively manage risk across the organization.
As Finland's second largest credit institution, MuniFin is owned by the Finnish public sector, Finnish municipalities, the government of Finland, and Keva, a public sector pension fund. MuniFin provides financing and financial risk management to support public housing, infrastructure, and other socially and environmentally sustainable investment targets.
MuniFin launched a significant, internal transformation effort across its capital markets, customer finance, back office, risk management and IT functions. The team sought a solution that provides customizable STP capabilities across multiple asset classes and can meet unique business requirements. The search led MuniFin to work with Openlink and implement the new platform in November 2017.
Marjo Tomminen, executive vice president and chief financial officer of MuniFin, said, "MuniFin's mission to provide competitive and timely financing for the Finnish public sector is based on overall operational excellence, how quickly and transparently we bring deals to closure, and a comprehensive view of risk. As we migrated to Openlink's platform, we challenged ourselves to streamline and integrate our workflows. We also strengthened our foundation of deal data for improved analytics, reporting and compliance, and shifted to even higher value work that serves the evolving needs of our customers."
Concurrently, MuniFin launched new instruments—such as green financing for environmentally friendly projects—and needed a platform that can grow with the future direction of Finland's public sector projects.
"Our team at Openlink is very pleased to partner with MuniFin on a truly transformational journey that requires new operating models," said Bernard Delahaye, chief revenue officer of Openlink in EMEA. "There is a reason why MuniFin has the most satisfied customers within the Finnish financial sector. Efficient and transparent back office operations are the backbone for any financial institution to deliver value to customers and build long-term public trust."