Coop Norge SA has selected Knowit and Mambu to implement a new core banking system to manage member deposits.
The new solution, powered by Mambu’s cloud-native core banking platform and “integrated into Coop’s infrastructure by Knowit, will modernise and streamline the management of millions of member accounts across Norway.”
Coop is owned by 57 independent cooperatives “with a combined membership base of over 2.3 million individuals.”
Each member is required by law to make “a membership deposit when joining a cooperative, and may also make voluntary deposits which earn interest.”
These accounts are a cornerstone of Coop’s “member offering, and the new core banking system will ensure they are managed with security, transparency, and scalability.”
Knowit will act as the lead system integrator, while Mambu “provides the core banking engine through its SaaS platform.”
Together, they will deliver a modern, “cloud-based core system tailored to Coop’s cooperative model.”
The project will run for four years, “with an option to extend annually for up to eight years.”
Development of the new core banking platform is “underway.”
Coop Norge SA is a cooperative owned by “57 regional cooperatives with over 2.3 million members.”
Coop is Norway‘s second largest grocery retailer.
As one of Norway’s largest retailers, Coop delivers “member value through democratic ownership, innovative services and strong local engagement.”
Mambu is the world’s SaaS cloud banking platform.
Launched in 2011, Mambu fast-tracks the design and “build of nearly any type of financial offering for banks of all sizes, lenders, fintechs, retailers, telcos and more.”
Their composable approach means “that independent components, systems and connectors can be assembled in any configuration to meet business needs and end user demands.”
Mambu supports over 260 customers in “over 65 countries – including Western Union, Commonwealth Bank of Australia, N26, BancoEstado, Raiffeisen Bank, ABN AMRO and Bank Islam.”
Knowit are digitalization consultants with the vision is to “create a sustainable and humane society through digitalization and innovation.”
Knowit supports its clients in the digital transformation and stands out among other consultancy firms “through its decentralized organization and agile work methods in client assignments.”
The operations are divided into four business areas – Solutions, Experience, Connectivity, and Insight – which offer “services in bespoke system development, digital customer experiences, the internet of things, cloud, cybersecurity, and management consultancy.”
Competence from several business areas is “often combined in client projects.”
Knowit was founded in 1990 and now has around “3,900 employees, mainly in the Nordic countries, but also in operations in Germany and Poland.”
Knowit AB has been listed on “the stock market since 1997 and is currently listed on Nasdaq OMX Stockholm Mid Cap.”
