News

16 Norwegian Savings Banks Extend Their Contract with EDB

Thursday 1 July 2004 11:43 CET | News

16 Norwegian savings banks have extended their contract with EDB Business Partner for the administration of their core banking applications and services for payments processing.

The new contract runs in the first instance to the end of 2005. In addition EDB will take over responsibility for the banks distributed operating services from 1 July 2004. The banks have also signed a letter of intent to join the framework agreement between DnB NOR and EDB, which means that EDB will be responsible for applications administration, centralised operating services and distributed operating services from 1 January 2006 to 1 July 2010. This represents total business volume of approximately NOK 280 million over the period of the agreements. The savings banks that have agreed to extend this contract with EDB have a collaboration agreement with DnB NOR. The agreement for applications administration and services for payments processing runs to the end of 2005 in line with the existing operating services contract the banks already have with EDB. In addition EDB will be responsible for operating over 1,700 workstations in the banks head offices and branch networks. In addition to this agreement, the 16 savings banks have confirmed their intention to join the framework agreement recently agreed between DnB NOR and EDB Business Partner. The framework agreement provides for EDB to supply centralised operating services, distributed operating services, applications administration and services for payments processing for all the banks through to 1 July 2010. This represents total business volume for EDB Business Partner estimated at around NOK 280 million over the entire period. Of the total amount, EDB Bank & Finance will book approximately NOK 100 million, while the remaining NOK 180 million will be booked by EDB IT Operations. The framework agreement represents an increase of approximately NOK 240 million in total business volume relative to the contracts already in place with these banks. The banks involved in the agreement are Sparebanken Hedmark, Sparebanken Sør, Sparebanken Sogn og Fjordane, Sparebanken Rana, Etne Sparebank, Flekkefjord Sparebank, Haugesund Sparebank, Hegra Sparebank, Kvinnherad Sparebank, Lillesand Sparebank, Luster Sparebank, Sauda Sparebank, Skudenes & Aakra Sparebank, Sparebanken Hardanger, Søgne og Greipstad Sparebank and Tingvoll Sparebank.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce







Industry Events