The agreement covers the sale of software, IT operating services and consultancy services for Verdibankens activities. Verdibanken originally signed a 5-year contract with EDB in July 2002 which represented business volume of NOK 45 million. This contract was subject to Verdibanken being granted a banking licence. The new 7-year agreement replaces this original contract. EDB Bank & Finance provides IT solutions and functionality for payment services and the management and operation of the bank, as well as solutions for self-service channels. In addition Verdibanken is using consultancy services from EDB Bank & Finance to assist with setting up its banking operations and implementing its banking systems. EDB IT Operations provides the IT operating services element of the contract. Verdibanken is now starting its full service banking operation. The banks objective is to be a leading commercial bank for religious organisations and similar entities. The target customer group will also include retail and corporate customers looking for a fund manager that emphasises Christian ethics and social responsibility.
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