The two companies will deliver a Unix-based software package to retail banks primarily in Sweden, Finland, Denmark and Iceland. It will combine the core system components of i-flex’s banking application, Flexcube, with platform independent branch systems, payment and card systems, self-service systems and other supplementary systems from EDB.
The co-operation with i-flex strengthens our competitiveness in the Nordic market outside Norway and opens new growth possibilities for EDB, commented Endre Rangnes, CEO, EDB Business Partner.
The announcement comes as several Nordic retail banks outside Norway are beginning to switch from developing their own in-house software operated on mainframes to investing in standardized technology components from independent software developers.
The Nordic banking market is estimated to have a potential value of NOK 10bn ($1.5bn) in yearly revenues for software licenses, application development and application maintenance. EDB and i-flex said they expect several banks to start investments in new programs over the next five years in a bid to reduce operating expenses and increase functionality and user friendliness of their systems.
The new EDB/i-flex package is planned for deployment during 2006/2007. EDB said it will also explore i-flex’s PrimeSourcing capabilities as an offshoring partner.
