Innovation Norway has engaged Knowit and Mambu to upgrade its core banking platform, in a move to advance digital public financial services in Norway.
This modernisation effort leverages Mambu’s cloud-native technology, integrated by Knowit, to enhance Innovation Norway’s management of loans, grants, and guarantees, aiming to improve both efficiency and scalability.
As the government-owned national development bank, Innovation Norway aims to foster innovation and business growth across Norway. It requires an updated banking solution to replace its existing system, responsible for crucial functions like loan origination, product configuration, funding management, credit processes, and case management.
The institution seeks to better support Norwegian enterprises by enhancing efficiency and adapting to market demands.
Mambu Nordics and Baltics commercial lead Jorno Levels said: “Many established institutions are locked into legacy environments making it incredibly challenging to adapt to new consumer and market demands. We are excited to partner with Knowit to deliver a modern, cloud-based banking solution to Innovation Norway.
“Our platform offers the flexibility and scalability needed to future-proof Innovation Norway’s operations, while driving innovation in key areas like loans, grants, and guarantees. This collaboration is an important step towards empowering Norwegian businesses for the future.”
The implementation of the new core banking system will automate manual tasks, improve data quality, and provide better real-time insights. These improvements align with Innovation Norway’s goals of increasing digitalisation and operational efficiency.
Knowit will lead the integration of this platform into Norway’s financial systems over a four-year project period, with potential annual extensions up to eight years. The agreement was finalised last week, and development work is underway.
Innovation Norway banking and financing executive vice president Leon Bakkebø said: “Innovation Norway plays an important role as an industrial bank supporting Norwegian companies by offering the full range of financing solutions: risk loans, market loans, guarantees, and grants.
“We are looking forward to further improving our services together with Knowit and Mambu by building a financial platform that will serve our customers in the years to come.”
Recently, Mambu has forged a partnership with Swiss fintech Light Frame to offer an advanced core banking solution aimed at private banking and wealth management sectors. This partnership addresses evolving client expectations and regulatory challenges in these industries.
