Kaupthing Bank Selects SAP Core Banking Solutions

August 5, 2004 by SAP News

The agreement includes solutions for managing customer current accounts and loans for all banking customers. The implementation will be handled by Nyherji, an SAP and Kaupthing Bank partner in the Nordic market. “We chose SAP because we wanted a long-term vendor and a proven solution. The bank has ambitious plans for unifying operations, standardizing processes and reducing the number of legacy systems,” said Asgrimur Skarphedinsson, IT development architect at Kaupthing Bank. “The SAP solution is planned to be an important component in this work. The rollout will be in a phased approach, starting with Finland and Sweden.”
Kaupthing Bank is a Nordic bank offering comprehensive retail and investment banking services to individuals, companies and institutional investors. With headquarters in Reykjavik, the bank today offers its services in ten countries. The bank is ranked as the eighth largest in the Nordic countries. “The agreement with Kaupthing Bank represents a milestone for SAP in the Nordic banking market. Our core banking platform, SAP for Banking, has been sold to and successfully implemented at many European banks, but this is the first Nordic bank standardizing its core processes on SAP”, said Thomas Balgheim, senior vice president, Financial Services, SAP AG. “We believe that Kaupthing Bank may contribute to a breakthrough in the Nordic banking industry, where there is a growing need for standard, flexible software platforms that comprehensively cover core banking processes at a lower cost,” said Kristjan Johannsson, senior director at Nyherji.

Source: SAP AG

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