LTI bags digital banking contract from Hoist Finance

CIOReviewIndia Team | Tuesday, 18 May 2021, 08:58 IST

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LTI bags digital banking contract from Hoist FinanceLarsen & Toubro Infotech (LTI) Ltd has entered into a strategic engagement with Hoist Finance AB, a pan European financial services company, to provide banking-as-a-service for performing loans segment through its digital banking platform.

LTI’s digital banking platform will enable Hoist Finance to be more scalable with faster on-boarding of new asset classes across regions. “The platform provides seamless interoperability, agility, and higher security at a lower total cost of ownership," the company said in a statement.

“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," said Klaus-Anders Nysteen, chief executive officer, Hoist Finance.

“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," said Sanjay Jalona, chief executive officer and managing director, LTI.

LTI said its digital banking platform will seamlessly operate across existing Hoist applications and infrastructure through an API driven interface to connect with third-party systems.

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