Image source: FinTech News Baltic
Helsinki 09-06-2020. Luminor, the third-largest provider of financial services in the Baltics, has partnered with cloud portfolio management platform provider FA Solutions for its Asset & Pension Fund business segment, enabling Luminor Pensions to streamline cross-border operations and consolidate its multi-country systems into one platform.
Luminor is a contemporary new generation bank and financial services provider, combining global knowledge with local expertise. It is the largest local independent bank in the Baltics with a central office in Estonia and branches in Latvia and Lithuania. In line with local regulation of pension asset management, Luminor Pensions operates through separate local legal entities in countries of operations.
“As Luminor was created through the merger of several entities, we have been working on improving our IT architectures to align with our cross-border business model. FA Solutions’ cloud-based platform provides a single technical solution commonly managed across several locations, allowing us to focus on providing the best service for our customers,”says Rasmus Pikkani, Head of Asset Management and Pensions at Luminor Bank
The FA Solutions team has worked closely with Luminor Bank to deploy the system in each country since the implementation project began in 2019.
“By working closely with FA’s team, we were able to create customized operations and functionalities to fit our needs due to the flexibility of their platform and their willingness to listen and understand our pain points,” continues Pikkani
FA Solutions provides a cloud-based portfolio management platform that automates and centralizes operational processes into one easy-to-use system via multiple APIs. The FA Platform automatically summarises the necessary data in one document based on selected parameters, shedding light on hidden insights.
“Luminor is one of the leading forward-thinking players in the industry and we are proud to have partnered with them in solving the operational challenges of their cross-border business model. Working with Luminor in implementing the FA Platform has also helped us improve our know-how all over the Baltics. It’s definitely been a two-way learning curve and we’re really happy with how smooth the process was in every country considering the size and scope of the business,”comments Hannes Helenius, Chairman of the Board at FA Solutions
FA Solutions has recently opened a new office in Latvia in order to offer its customers the best fintech consultants and engineering for FA’s global deployments. Elsewhere, the company has offices in Finland, Sweden, and the United Kingdom, and serves over 70 major banks, independent asset managers and institutional investors in 15 different countries.
About FA Solutions
FA Solutions is the leading Nordic provider of software for Wealth & Fund Managers, Family Offices, and Banks, helping them manage their clients’ wealth globally. We offer a cloud-based Portfolio Management solution that automates and centralizes a wide range of operational processes into one easy-to-use FA Platform. We believe superior technology enables quality Wealth Management services for everyone. For more information, visit www.fasolutions.com.
About Luminor Bank
Luminor Bank is the 3rd largest financial service provider in the Baltic banking market with 16% of the market share in deposits and 20% of the lending market. Luminor Bank has a wider customer base of around one million customers and roughly 2600 working professionals. Luminor is capitalized at 18% Common Equity Tier 1 capital in the amount of 1.6 billion EUR. For more information, visit www.luminor.ee.