Coop, based in Norway, has chosen Sweden-based Knowit and Mambu to implement a new core banking system to manage member deposits.
The solution, built on Mambu’s cloud native core banking platform and integrated into Coop’s infrastructure by Knowit, will update and simplify the management of millions of member accounts across Norway.
Coop is owned by 57 independent cooperatives with a combined membership of more than 2.3 million people.
By law, every member is required to make a deposit when joining a cooperative and may also make voluntary deposits that earn interest.
These accounts form an important part of Coop’s member services, and the new system will be designed to ensure they are managed with security, transparency and scalability.
“As a cooperative with millions of members and a long term responsibility to safeguard their deposits, Coop needs a future proof core banking solution. We are excited to work with Knowit and Mambu to deliver a modern platform that will support efficient operations, ensure regulatory readiness and improve the overall member experience,”
said Jens Olav Bjørnson, Head of Digital Channels, Loyalty and Marketing Technology at Coop Norge.
Knowit will act as the lead system integrator, while Mambu will provide the core banking engine through its software as a service platform.
Together, they will deliver a cloud based core system tailored to Coop’s cooperative model.
“Legacy systems make it difficult to meet growing consumer and regulatory demands. With Mambu, Coop gains a cloud native core banking platform that provides agility, compliance readiness and scalability. Together with Knowit, we are excited to support Coop in transforming how they manage member deposits,”
said Jorno Levels, Commercial Lead for the Nordics and Baltics at Mambu.
The project is planned to run for four years, with the possibility of annual extensions for up to eight years.
Development of the new core banking platform is already underway.
Featured image credit: Edited by Fintech News Norway, based on image by XIIM via Freepik
