Information Tech

l&t infotech ltd: L&T Infotech signs digital banking deal with Europe’s Hoist Finance


Pune: L&T Infotech Ltd. has entered into a strategic engagement with Hoist Finance AB, a pan European financial services company, to provide banking-as-a-service for performing loans segment through its digital banking platform.

Powered by Temenos, L&T Infotech’s digital banking platform will enable Hoist Finance to be more scalable and with faster on-boarding of new asset classes across regions. The BaaS platform provides seamless interoperability, agility, and higher security at a lower total cost of ownership.

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“The strategic partnership with LTI is in line with our growth strategy for performing loans segment in Europe. It will help us strengthen Hoist’s positioning as a leader in this segment with digital-first strategies,” said Klaus-Anders Nysteen, chief executive officer of Hoist Finance. “L&T Infotech has been a strategic partner for Hoist since 2019 and has supported multiple transformation initiatives… Onboarding LTI’s digital banking platform was a natural extension of our strategic partnership.”

L&T Infotech’s digital banking platform will seamlessly operate across Hoist Finance’s apps and infrastructure through an API-driven interface to connect with third-party systems.

“L&T Infotech’s digital banking platform combines our functional and technological expertise to modernise operations without huge upfront investment or license cost,” Sanjay Jalona, chief executive officer and managing director, said in a statement. “The consumption-based model offered by the platform will enable banks to stay competitive without worrying about technology cycles. We are proud of our partnership with Hoist, and look forward to enabling their expansion across Europe.”

This partnership will help Hoist Finance accomplish its strategic objective of enhancing its market share in the retail banking segment which is estimated to grow from 700 million SEK currently to 4 billion SEK by 2023, said Julia Ehrhardt, chief retail banking and business development officer at Hoist Finance.



Source : economictimes.indiatimes.com

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