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Hoist Finance selects LTI's Digital Banking Platform to achieve accelerated growth in Europe

Posted On: 2021-05-18 06:05:44 (Time Zone: UTC)


Larsen & Toubro Infotech Ltd. (BSE: 540005, NSE: LTI), a global technology consulting and digital solutions company has entered into a strategic engagement with Hoist Finance AB, a pan European financial services company, to provide Banking-as-a-Service for Performing Loans segment through its Digital Banking Platform.

LTI's Digital Banking platform, powered by Temenos, will enable Hoist Finance to be more scalable and with faster on-boarding of new asset classes across regions. The platform providesseamless interoperability, agility, and higher security at a lower total cost of ownership.

Klaus-Anders Nysteen, CEO, Hoist Finance, said: "The strategic partnership with LTI is in line with our growth strategy for performing loans segment in Europe. It will help us strengthen Hoist's positioning as a leader in this segment with digital-first strategies. LTI has been a strategic partner for Hoist since 2019 and has supported multiple transformation initiatives, spanning workplace transformation, infrastructure transformation and migration to the cloud. Onboarding LTI's digital banking platform was a natural extension of our strategic partnership."

With its comprehensive capabilities, LTI's Digital Banking Platform provides end-to-end integration with Temenos Transact, Temenos Infinity, Temenos Payments, and Temenos Financial Crime Mitigation as well as Fintech solutions like regulatory reporting, authentication, KYC solutions, card services, and payment solutions available on Temenos Marketplace.

Sanjay Jalona, CEO & Managing Director, LTI, said "LTI's digital banking platform combines our functional and technological expertise to modernize operations without huge upfront investment or license cost. The consumption based model offered by the platform will enable banks to stay competitive without worrying about technology cycles. We are proud of our partnership with Hoist, and look forward to enabling their expansion across Europe."

LTI's Digital Banking platform will seamlessly operate across existing Hoist applications and infrastructure through an API driven interface to connect with third party systems.

Julia Ehrhardt, Chief Retail Banking and Business Development Officer, Hoist Finance, said: "LTI's state-of-art digital banking platform will facilitate Hoist in accomplishing its strategic objective of enhancing its market share in the retail banking segment which is estimated to grow from 700 Million SEK currently to 4 Billion SEK by 2023. LTI's platform is fully scalable, providing Hoist with the agility to expand its performing loans and deposits offering into all of our markets."

With presence across Sweden, Denmark, Norway, and Finland, LTI is one of the leading IT Consulting and digital solutions providers in the Nordic region. A recent study by Whitelane Research and PA recognized the company among the top performers in the Nordic region and #1 in customer satisfaction in Sweden. The company counts leading banks and financial institutions among its clients in the region.

Shares of Larsen & Toubro Infotech Ltd was last trading in BSE at Rs.3585.5 as compared to the previous close of Rs. 3605.05. The total number of shares traded during the day was 28677 in over 5584 trades.

The stock hit an intraday high of Rs. 3610 and intraday low of 3525.95. The net turnover during the day was Rs. 102203942.


Source: Equity Bulls

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