Oslo-headquartered financial cooperative Coop Norge has partnered with Mambu and Knowit to implement a new core banking solution to manage member deposits across Norway.
The company will deploy Mambu’s Software-as-a-Service (SaaS) core banking platform. The new core will be integrated into Coop’s existing infrastructure by Knowit, which will serve as the lead system integrator for the project.
The partners previously worked together to implement a new housing loan solution for the Norwegian Public Service Pension Fund in 2023.
In a statement, Mambu says development of the new core banking platform for Coop Norge is “already underway”, with the project being structured as a four-year engagement, with options to extend annually for up to eight years.
Coop Norge is owned by 57 independent cooperatives, which together serve over 2.3 million members. This latest technology overhaul will focus on the mutual’s deposit account service, with the new core banking system being deployed to “ensure they are managed with security, transparency, and scalability”, according to Mambu.
Jens Olav Bjørnson, head of digital channels, loyalty, and marketing technology at Coop Norge, says the partnership arose from the company’s need for a “future-proof core banking solution”. Bjørnson adds that he expects the go-live to provide “a modern platform that will support efficient operations, ensure regulatory readiness, and improve the overall member experience”.
Source: https://www.fintechfutures.com/
