Powered by Temenos, L&T Infotech’s digital banking platform will enable Hoist Finance to be more scalable and with faster on-boarding of new asset classes across regions. The BaaS platform provides seamless interoperability, agility, and higher security at a lower total cost of ownership. L&T Infotech Ltd. has entered into a strategic engagement with Hoist Finance AB, a pan European financial services company, to provide banking-as-a-service for performing loans segment through its digital banking platform. The strategic partnership with LTI is in line with our growth strategy for performing loans segment in Europe. It will help us strengthen Hoist’s positioning as a leader in this segment with digital-first strategies.
L&T Infotech’s digital banking platform will seamlessly operate across Hoist Finance’s apps and infrastructure through an API-driven interface to connect with third-party systems. L&T Infotech’s digital banking platform combines our functional and technological expertise to modernise operations without huge upfront investment or license cost. The consumption-based model offered by the platform will enable banks to stay competitive without worrying about technology cycles. This partnership will help Hoist Finance accomplish its strategic objective of enhancing its market share in the retail banking segment which is estimated to grow from 700 million SEK currently to 4 billion SEK by 2023.