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April 3, 2005

SpareBank 1 signs new contract with EDB

Norwegian financial services company, SpareBank 1 Gruppen, has signed an agreement with EDB to buy solutions for IFRS accounting, Internet shopping security and credit administration. The agreement represents business volume of around NOK20 million over three years.

By CBR Staff Writer

As a result of this new agreement, EDB an Oslo-based IT provider, will provide SpareBank 1 Gruppen with new solutions in three different areas. Firstly, EDB will provide accounting solutions adapted for IFRS (International Financial Reporting Standards).

Secondly, in the area of credit card security, EDB will supply a 3D Secure solution for Internet shopping. 3D Secure is a global standard for secure Internet payments aimed at reducing the risk of fraud in Internet shopping for the benefit of cardholders, Internet stores, banks and card issuing companies. Finally, EDB will manage the bank’s credit solutions for the retail market.

I am delighted that SpareBank 1 Gruppen has chosen to expand our excellent and long-standing collaboration. This contract confirms EDB’s role as a major supplier to Norwegian banks and financial institutions, and is yet more evidence that EDB offers fully competitive solutions in these areas, commented Ole Urdahl, EVP of solutions at EDB.

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