LEADING LATVIAN BANK SWITCHES TO BEST-IN-BREED SOLUTION TO ENHANCE ITS CHANNEL BANKING STRATEGY

5 July 2007

One of the top ten banks in Latvia, Aizkraukles Bank, has chosen Nomad’s CORTEX software platform to support the Card Issuing and Authorisation of its own and International card products. Nomad’s CORTEX processing platform is recognised as one of the most advanced and comprehensive card payment solutions available and the bank regards the solution as an integral element to the enhancement of its channel banking strategy.

“We are dedicated to offering high-level services to our domestic and International customers, and we need to work with best-in-breed suppliers, such as Nomad, to ensure we continuously meet these expectations,” commented Rolands Citajevs, Chief Information Officer from the Aizkraukles Bank. “CORTEX’s comprehensive functionality will enable us to further develop our multi-channel architecture and is key to delivering new services to all our members quickly and more effectively.”
The Baltic region is currently undergoing rapid growth, and the Aizkraukles Bank is keen to sustain its ability to react quickly and flexibly to customer’s needs by investing in advanced technology to consolidate its position in the marketplace. The decision to switch to Nomad’s CORTEX solution was not only based on the reliable and proven technology and its established market position, but also the ongoing collaboration between Nomad and D8 Latvia SIA, who will provide local support and consultancy services for the project.

Martin Golding, Chief Operating Officer for Nomad CORTEX said, “The new project with Aizkraukles Bank marks another successful collaboration between ourselves and D8 Latvia. Since the strategic partnership was established in 2005, it has strengthened our presence in the Baltic region and is allowing customers to take advantage of our complementary skills to provide more powerful integrated solutions and differentiate themselves in the marketplace.”

“The Aizkraukles Bank’s decision to switch to CORTEX highlights the established reputation of Nomad and our CORTEX product,” Golding continued. “This deal helps to justify our continued investment in the product to take full advantage of the increasing business opportunities.”

Implementation of the CORTEX platform will begin in August 2007, with the aim to be fully operational at Aizkraukles Bank by the end of 2007.

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