Financial software as a service (SaaS) solutions provider Tietoevry Banking has secured a contract from a Nordic tier 1-bank to deliver card issuing and payments software solutions.

Under the terms of the long-term contract, Tietoevry Banking will carry out a major overhaul of the card issuing and payments infrastructure for the tier-1 bank that serves millions of individual and corporate customers across the Nordic region.

Tietoevry Banking will also offer SaaS-solution that will facilitate various modern payment services including credit and debit cards for households and corporate clients, digital wallets, and others.

Besides, the financial SaaS solutions provider will upgrade the card management system for its client’s entire portfolio of over five million cards which are used to make nearly 200 million transactions on a monthly basis.

Furthermore, Tietoevry Banking will transform the bank’s transaction processing services.

This will include card authorisation, clearing, digital wallets, access control servers, and management of the bank’s 3D secure protocol which helps to reduce fraud risk.

The company will also be responsible for the bank’s fraud monitoring as well as chargeback management as fully-outsourced business processes.

According to Tietoevry Banking, the transformation will enhance agility, quality, and a range of banking and payment services for the bank.

It will allow the tier 1-bank to generate new revenue streams and enhance competitiveness.

Tietoevry Banking CEO Klaus Andersen said: “The trust placed in our firm by one of this region’s leading financial institutions demonstrates our growing reputation for service excellence not just in the Nordics, but across Europe.

“This is a significant win for Tietoevry Banking, adding to our growth ambition as a leading SaaS provider for financial institutions.

“We are fully committed and looking forward to delivering future-oriented, modular and sustainable card and payment services enabling our client to become even more competitive and relevant throughout the region.”