Mangold Fondkommission partners with Crosskey

Mangold provides companies, institutions, and private individuals with financial services, through its Investment Banking and Private Banking. The firm is also a trading member at Nasdaq Stockholm, Nasdaq Helsinki, Nasdaq Copenhagen, BX Swiss, Spotlight Stock Market, and Nordic Growth Market. Moreover, Mangold performs as a Clearing Member and an Issuing Agent at Euroclear Sweden, while its stock is listed at the Nasdaq Stockholm Main Market under the ticker symbol MANG.

The COVID-19 pandemic has accelerated the use of Software-as-a-Service (SaaS) in the financial industry, and, according to Gartner forecasts, global public cloud spending will increase by 18% during 2023, reaching approximately USD 208,080 million, compared to USD 176,622 million in 2022.

As the use of cloud technology has expanded, therefore facilitating the growth of SaaS services, financial institutions have been partnering with SaaS providers to improve their core software, and customer experience, decrease costs, and generate revenue.

According to the Future of Digital Banking study, security represents one of the key aspects of banking, as 70% of financial institutions consider it a critical priority, with cyber-attacks becoming more common. SaaS solutions vendors enable their customers to build in security and compliance from the beginning, adhering to a shared responsibility model. The providers usually supervise the infrastructure, hardware, and main services, while the customer is liable for data security.

SaaS solutions are generally built with a microservices architecture, allowing high levels of automation for building, testing, and deploying, while offering quick reaction agility, and cost reductions. Moreover, banks can combine the advantages of SaaS solutions and AI capabilities to provide personalised services, enhanced security, improved efficiency, and automated threat detection. 

Crosskey fuses IT capabilities with flexibility and engagement, improving the way companies create new revenue from financial services. The company’s solutions include traditional banking, eBanking, card and mobile payments, capital markets, and Open Banking.

Back in March 2023, Fundler, a digital saving service based in Sweden, agreed to use Crosskey’s SaaS-based Capital Market service, replacing current solutions from different suppliers. By using the company’s solution, Fundler intended to merge operations into a single platform, therefore facilitating business expansion.

Moreover, POP Bank partnered with Crosskey in January 2022, signing a cooperation agreement on the renewal of its core banking system. The bank planned to introduce the new system in 2025, therefore the agreement had no immediate effect on the banking services offered. 

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