Norwegian ethical savings bank, Cultura Bank, has signed a new five-year partnership with Tieto Banktech, the banking subsidiary of software and digital engineering services company Tieto (formerly Tietoevry), to bolster its core online banking offering and security.
The partnership has come together following Cultura Bank’s admittance into Norway’s Lokalbanksamarbeidet (the Local Bank Collaboration), a consortium of 16 independent Norwegian savings banks, serving 250,000 customers across the country.
In May, Lokalbanksamarbeidet signed a five-year deal with Tieto Banktech to provide all its member banks with the same core banking solution, covering mobile and online banking, payment systems, card services, and anti-financial crime tools.
Bent R. Eidem, CEO of Lokalbanksamarbeidet, explains that, together with the other banks in the Local Bank Collaboration, “Cultura Bank will operate on a unified technology platform that streamlines operations”. He also notes that the group is working with Tieto Banktech to develop “digital processes and user-friendly tools that will free up employees for proactive advisory and sales activities”.
Headquartered in Oslo, Cultura Bank manages NOK 1.4 billion (around $140 million) in assets and serves more than 4,500 customers with a range of banking services, including current and savings accounts, as well as business loans and home mortgages, evaluating each loan based on social and environmental criteria.
Tieto underwent a rebrand in November, which also included the renewal of its four subsidiaries. As part of this change, Tietoevry Banking was renamed Tieto Banktech.
At the same time as its rebrand, Tieto Banktech extended its existing partnership with Norwegian bank DNB to begin transitioning the institution’s payment infrastructure to its Payment Initiation (PIN) platform in 2026.
Source: https://www.fintechfutures.com/
