Larsen & Toubro Infotech to deploy digital banking platform for Hoist Finance

Larsen & Toubro Infotech (LTI) said that its digital banking platform will be deployed by Swedish financial services company Hoist Finance.

According to the Indian technology consulting and digital solutions provider, its digital banking platform will be used for providing banking-as-a-service for performing loans by the Swedish firm.

Powered by Temenos, the digital banking platform of Larsen & Toubro Infotech will help Hoist Finance to be more scalable and with quicker on-boarding of new asset classes across regions. At a lower total cost of ownership, the platform is said to offer seamless interoperability, agility, and higher security.

Klaus-Anders Nysteen – CEO of Hoist Finance said: “The strategic partnership with LTI is in line with our growth strategy for performing loans segment in Europe. It will help us strengthen Hoist’s positioning as a leader in this segment with digital-first strategies.

“LTI has been a strategic partner for Hoist since 2019 and has supported multiple transformation initiatives, spanning workplace transformation, infrastructure transformation and migration to the cloud. Onboarding LTI’s digital banking platform was a natural extension of our strategic partnership.”

Larsen & Toubro Infotech said that its digital banking platform offers end-to-end integration with Temenos Transact, Temenos Payments, Temenos Infinity, and Temenos Financial Crime Mitigation and also fintech solutions such as regulatory reporting, KYC solutions, authentication, card services, and payment solutions offered by Temenos Marketplace.

The digital banking platform is expected to operate seamlessly across existing applications and infrastructure of Hoist Finance via an API driven interface for connecting with third party systems.

Sanjay Jalona – CEO and Managing Director of Larsen & Toubro Infotech said: “LTI’s digital banking platform combines our functional and technological expertise to modernize operations without huge upfront investment or license cost.

“The consumption based model offered by the platform will enable banks to stay competitive without worrying about technology cycles. We are proud of our partnership with Hoist, and look forward to enabling their expansion across Europe.”