Nordics’ largest IT group, Tieto, has joined the list of service partners of banking software vendor Temenos.

Tieto will be offering delivery services for Temenos’ flagship core banking system, T24, as well as auxiliary products, across the Nordic and Baltic regions. In particular, it will specialise in the T24 Model Bank (a preconfigured, ‘out of the box’ version of T24) delivery.

‘We have seen enormous momentum in the Nordic market,’ comments Steen Jensen, head of Northern Europe at Temenos.

Indeed, the vendor has recently secured the largest deal in Europe, with Sweden-based Nordea Bank, for a complete IT overhaul. The bank put aside €1 billion for the project.

There is also a project underway at a bank in Finland, Aktia, which is running late and over budget.

Earlier, Temenos signed with Danske Bank to replace its proprietary corporate lending software with T24 and standardise operations across the group.

The lucrative Nordics

Temenos’ rival, SAP, has also been eyeing the region – last year, it tied up with CGI to bring to market a Software-as-a-Service (SaaS) core banking offering for the mid-tier Swedish market. The platform is underpinned by SAP’s SAP for Banking system.

The hope is to build on the back of a first live customer for SAP for Banking in Sweden, Landshypotek Bank, which went live in 2013.