Tieto: Supporting New Digital Payment Paradigms and Real-Time Transformation

CIO Vendor Digital transformation in the financial industry is spurred by the changing consumer demands related to their payment options. Today, consumers — who are used to engaging with evolving technologies — are much more used to frictionless and instant access to their services, either on the mobile or through other channels. And particularly, the banks are getting the heat of it. Finland based Tieto, with Indian offices in Bangalore and Pune, is leveraging on the data intensive industry, revolutionizing financial services and creating game changing digital solutions.

Long-Term Partner for Digital Transformation in Financial Services
With such revolutionizing financial services, Tieto maintains a repute of technology frontrunner. This is further testified by the fact that Tieto built the first internet bank in the world for Nordea in 1994. Leveraging on its long-term experience in diverse markets, the company also delivers a superior level of business consulting that solves business problems, while saving customers time and money. Tieto's payment experts evaluate a current situation of any customer via thorough system analysis, assess the most viable business options against market trends and deliver the optimal software solution to meet the targets.

Comprehensive Portfolio of Payment Software
Tieto offers a full portfolio of payment products and solutions that can be implemented as standalone or integrated in a single powerful system to support financial services strategy of a specific enterprise. Advantages unlocked by such centralized approach include increased automation, process standardization
to cut costs & reach higher operational efficiencies, system scalability in line with market growth, possibility to set-up highly complex financial products and services, and full ecosystem coverage, involving both – retail payments and corporate finances.

Tieto’s financial services portfolio includes a market-leading Virtual Account Management, Payments Hub, comprehensive Card Issuing, Acquiring and Switching, Open Banking, Compliance Cloud, Lending & Finance, Digital Insurance & Wealth.

“Tieto, through its National Infrastructure solutions, has made digital payments accessible to larger public in several countries worldwide”

Infrastructure Provider for Real-Time Payment Ecosystems
Tieto, through its National Infrastructure solutions, has made digital payments accessible to larger public in several countries worldwide. Just to mention a few, Tieto is involved in the development of Sweden's instant mobile payment system Swish, and Finland's 1st payments platform with open interfaces and PSD2 readiness - Siirto - runs on Tieto's software. Another example is an inclusive and real-time person-to-person (P2P) money transfer solution for Kenya Bankers Association based on Tieto's payment switching software. The Kenyan financial services market is one of the most advanced in Africa, with intense competition between banks. Yet the financial inclusion and transparency is among the country's top priorities. The payments platform developed by Tieto connects all KBA member banks in one domestic network, under the commercial name PesaLink. This allows banks of all sizes to benefit from a unified payments infrastructure, with access to banked and more importantly - unbanked customers. Being a global corporation with over 13,000 employees in more than 20 countries, Tieto is playing a key role in transforming the digital financial structure of economies worldwide. Tieto believes in the future of cashless economies and facilitates financial inclusion.