announced that AS Sampo Pank in Estonia, is upgrading its existing Equation
retail banking solution to support the significant growth of its retail
AS Sampo Pank, owned by Sampo plc, Finland's largest insurance and financial
services group, is committed to a strategic programme of development to
enhance its retail banking operations. In 2002 alone, the bank's individual
clients more than doubled to reach 70,000 by year-end. The bank aims to
become the leading financial services organisation for long-term savings and
investments products for retail customers within the Estonian marketplace.
AS Sampo Pank needed a highly scalable and functionally rich core system to
underpin its fast-expanding retail banking operation. Equation offers the
bank the comprehensive and high performance architecture it needs to support
its full range of retail banking products, including current and savings
accounts, term deposits, loans and mortgages.
Equation also supports AS Sampo Pank's corporate banking operations and
allows the bank to gain a comprehensive view of corporate client activity
and loan histories. Commercial lending applications have been included in
the core system functionality, supporting the management and control of
fixed term and revolving loans, draw-downs and repayments, allowing the bank
to operate a flexible portfolio of loans under one of more lines of credit.
Treasury operations are also integrated with full support for foreign
exchange and money market instruments.
Based on an open architecture, Equation's APIs and published data model provides AS Sampo Pank with the flexibility to integrate with in-house and
third-party applications. The system runs on an IBM iSeries platform
offering dependability, low cost of ownership and scalability as future
According to Paddy Meany, Director of Retail Banking at Misys International
Banking Systems: "Equation is the ideal solution for an organisation such as
AS Sampo Pank that is embarking on a period of significant market growth. By
integrating all operations within a single core system, the bank can enjoy
consolidation of management information and reporting across its operations.
Combined with Equation's high performance and real-time transaction
processing, the system provides comprehensive and powerful capabilities that
are essential to effectively support the bank's growing customer base."