The Icelandic bank Landsbanki buys banking solutions developed by EDB

The solutions were developed in-house by EDB Bank & Finance, and have been adapted for the Icelandic banking system. The contract represents business volume for EDB of around NOK 6.5 million. EDB has signed this contract in collaboration with the Computer Centre of the Icelandic Savings Banks, Tölvumiðstöð sparisjóðanna (TS). TS purchased a license in 1997 from EDB Bank & Finance for use of the FD Front banking applications package. TS has subsequently adapted and developed the solutions for the Icelandic banking system on behalf of its customer banks. The contract with Landsbanki includes support from EDB Bank & Finance for the commercial implementation of the solutions by TS and Landsbanki. The applications package, known in Iceland as Spakur, has been used since 1998 by all 24 Icelandic savings banks and Icebank. Landsbanki is the first commercial bank to use Spakur to support its customer consultants. EDB Bank & Finance developed FD Front in the 1990s. The components that make up FD Front support a banks working processes for sales and customer management, credit processing and everyday banking. These solutions are widely used by Norwegian banks, with over 12,000 users. In addition to the use of FD Front in Norway and Iceland, Swedbank has been using a customised version of the credit module since 2000.