L&T teams up with Hoist Finance for digital banking in Europe

The consumption-based model offered by the platform will enable banks to stay competitive without worrying about technology cycles, the CEO said.

Mumbai: Larsen & Toubro Infotech Ltd (LTI) 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.

LTI’s digital banking platform, powered by Temenos, will enable Hoist Finance to be more scalable and with faster on-boarding of new asset classes across regions. The platform provides seamless interoperability, agility, and higher security at a lower total cost of ownership, said a company statement.

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Klaus-Anders Nysteen, CEO, Hoist Finance, said: “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.”

“LTI has been a strategic partner for Hoist since 2019 and has supported multiple transformation initiatives, spanning workplace transformation, infrastructure transformation and migration to the cloud. Onboarding LTI’s digital banking platform was a natural extension of our strategic partnership.”

With its comprehensive capabilities, LTI’s Digital Banking Platform provides end-to-end integration with Temenos Transact, Temenos Infinity, Temenos Payments, and Temenos Financial Crime Mitigation as well as Fintech solutions like regulatory reporting, authentication, KYC solutions, card services, and payment solutions available on Temenos Marketplace.

Sanjay Jalona, CEO & Managing Director, LTI, said, “LTI’s digital banking platform combines our functional and technological expertise to modernize operations without huge upfront investment or license cost.”

The consumption-based model offered by the platform will enable banks to stay competitive without worrying about technology cycles, the CEO said.

LTI’s Digital Banking platform will seamlessly operate across existing Hoist applications and infrastructure through an API driven interface to connect with third party systems.

Julia Ehrhardt, Chief Retail Banking and Business Development Officer, Hoist Finance, said: “LTI’s state-of-art digital banking platform will facilitate Hoist in accomplishing 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. LTI’s platform is fully scalable, providing Hoist with the agility to expand its performing loans and deposits offering into all of our markets.”