Larsen & Toubro Infotech (L&T Infotech) has entered into a strategic engagement with Hoist Finance AB to provide banking-as-a-service for performing loans segment through its digital banking platform.
Hoist Finance AB is a pan European financial services company. L&T Infotech's Digital Banking platform, powered by Temenos, will enable Hoist Finance to be more scalable and 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.
With its comprehensive capabilities, LTI's Digital Banking Platform provides end-to-end integration with Temenos Transact, Temenos Infinity, Temenos Payments, and Temenos Financial Crime Mitigation as well as Fintech solutions like regulatory reporting, authentication, KYC solutions, card services, and payment solutions available on Temenos Marketplace.
The company's digital banking platform will seamlessly operate across existing Hoist applications and infrastructure through an API driven interface to connect with third party systems.
With presence across Sweden, Denmark, Norway, and Finland, L&T Infotech is one of the leading IT Consulting and digital solutions providers in the Nordic region.
Sanjay Jalona, CEO & managing director, LTI, 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."
L&T Infotech is a global technology consulting and digital solutions company. Its consolidated net profit rose 5.1% to Rs 545.70 crore on 3.7% increase in revenue to Rs 3,269.40 crore in Q4 FY21 over Q3 FY20.
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