The Payments Infrastructure Upgrade is driving Nordiska’s latest move to strengthen its banking capabilities. The bank has formed a partnership with Finastra for upgrading its payment infrastructure. Such an arrangement allows direct access to the payment rails of Sweden.
Moreover, Nordiska will utilize the Swift Service Bureau of Finastra to access the global Swift network. The bank will also be connected to RIX RTGS of Sweden. In the future, Nordiska will be connecting to RIX INST for instant payments.
“This partnership gives us a streamlined and scalable platform to manage our payment flows and liquidity directly, which is critical as we continue on our growth journey,” said Jonas Hultin, CPO at Nordiska. “Independency of partner banks means we can provide advanced and faster service at less cost while focusing focus on our core business.”
Enhancing Payment Autonomy and Efficiency
Nordiska previously used partner banks for payments processing and central bank connections. Yet the new connection to RIX allows more autonomy. The bank can conduct its own liquidity management and operation procedures. In addition, it is able to anticipate future legislation for instant payments.
In addition, Finastra’s offering helps in meeting the requirements of local and international regulations. Furthermore, the infrastructure provided by Finastra is resilient and scalable. This will ensure that Nordiska increases efficiency and improves the services that it offers to its customers. At the same time, the need for modern payments infrastructure in the current market environment is emphasized by Finastra. Finastra continues helping financial organizations with changing requirements.
“We are delighted to support Nordiska as modern payment infrastructures are becoming increasingly complex, driven by regulatory change, real‑time settlement requirements, and higher expectations for resilience and availability,” said Barry Rodrigues, EVP Payments at Finastra. “This partnership highlights the value of our Swift bureau services in helping banks and other institutions of all sizes improve their payment and settlement infrastructure. Importantly, it marks another success for Finastra in both the Nordic region and the dynamic challenger bank segment, reinforcing our commitment to supporting the evolving needs of financial institutions across Europe.”
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News Source: PRNewswire.com
