adesso and Asseco form joint venture to combine competencies as new core banking system provider for German-speaking market
28.05.2020 / 09:01
adesso banking solutions GmbH is launching a new core banking system for the German-speaking market. adesso SE and Asseco Poland S.A. have decided to establish this company as a joint venture and prepare its market entry. Subject to approval by the antitrust authorities in Germany and Poland, the newly-founded company will develop and market an ultra-modern core banking system in Germany. As part of the joint venture, Asseco is providing its Banking Suite, which adesso is enhancing and introducing as a modular standard product for the German-speaking market based on its many years of expertise in the banking sector. The two companies' profiles complement each other perfectly: Asseco is Europe's sixth largest software manufacturer, and adesso is one of Germany's largest IT service providers. adesso has been already holding advanced discussions with its first Banking Suite customers. Mark Lohweber, Head of Line-of-Business Banking at adesso SE, and Sławomir Ziajka, Head of the Transaction Processing Systems Department at Asseco Poland S.A., will be named as the joint venture's Managing Directors.
Asseco is a leading European software producer, present in over 50 countries, with consolidated revenues of EUR 2.5 billion, including nearly EUR 1 billion from the banking and finance sector. "This is one of the main fields of our specialization and the area in which Asseco began its operations 30 years ago. I am proud that during that period we were able to co-create modern banking in many countries. We have conducted thousands of implementations, including over 800 core banking systems. We have gained our extensive experience working with Deutsche Bank, mBank, Raiffeisen Bank International, Sberbank Europe AG, Mercedes-Benz Bank, VW Bank, among others", said Adam Góral, President of the Management Board and Founder of Asseco Poland. The foundation of adesso banking solutions will offer new value to banks operating in Germany. The two joint venture partners will combine their sector knowledge and provide modern, proven IT solutions with adesso's experience and knowledge of the German market.
"adesso's development to becoming one of the leading consulting and technology groups for industry-specific business processes in Central Europe continues to take shape. We are very pleased that we are complementing our portfolio in another important industry in addition to consulting and individual software development with a strong own product and thus making our market access as a banking partner even more comprehensive", adds Michael Kenfenheuer, CEO of adesso SE and responsible Executive Board member with regards to the Banking industry.
The Asseco Banking Suite has been proven at numerous European banks. Based on Java technology and with extensive API library, the product suite is one of the most modern banking platforms on the market with a comprehensive range of features. Thanks in particular to its in-depth support for all corporate and retail banking processes as well as payment and treasury transactions, the German product line offers good competitive opportunities compared to the few products currently available on the market. In addition, as a modern and lean variant, it represents a cost-effective alternative. Switching to the new banking suite offers considerable potential for banks, whose individually-developed systems are becoming obsolete. A migration can significantly reduce maintenance and operating costs. At the same time, the new system is the prerequisite for the introduction of modern and contemporary banking products.
adesso is planning to use the joint venture to push ahead with its strategy of supplementing its IT services business with industry-specific standard solutions and products. With the core banking system of adesso banking solutions GmbH and its successful product family for the insurance industry, the adesso Group now offers attractive products in the two key sectors with the highest turnover. Its cooperation and joint venture with Asseco will further expand adesso's market position as a leading provider in the financial services industry.
Software for financial sector, especially all kinds of banks, is one of the most important areas of Asseco's activity. Experience and technical expertise have allowed Asseco to implement its core banking engine in over 800 banks. Over 6,600 of Asseco's employees supply banks with software and services in more than 30 countries. The company provides central banking systems, as well as omnichannel, mobile, risk management and compliance solutions. Asseco's banking software has significant market share in various countries and regions - with over 50% banks in Poland, Balkan countries and Israel to name few.
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