Accenture will assist with implemention of the new platform, which will be based on Temenos’ core banking software.

The Stockholm-based bank took a EUR344 million impairment charge on its current IT systems in Q3 as it outlined plans to embark on a major project to rip and replace its core banking and payments systems.

The bank said it intended to boost IT spending by 30-35% over the next four-to-five years, moving all accounts across to the new core platform, consolidating its existing data warehouses and implementing a unified payments hub capable of handling domestic, international and Sepa payments.

Jukka Salonen, head of group simplification at Nordea, says the new platform will provide the framework for an end-to-end digital business model. 

“Digitalisation and the rapid change in customers’ preferences toward using online and mobile solutions, as well as the increasing operational regulation, are transforming the banking industry," he says. "The new core banking platform is a key part of Nordea’s Simplification Programme, aimed at meeting the current and future needs of our bank’s 11 million customers"