Overview
Founded in 1968, Finland-based Tieto provides both traditional cross-border payments and SEPA compliant payment solutions. Tieto is the largest IT services company in the Nordic countries. Its financial services division operates in multiple countries, with around 70 per cent of sales coming from Nordic countries but with users as well in the Baltic countries, Russia and the UK. Nonetheless, Tieto has had some tough times in recent years, with poor financials and cost-cutting. Its traditional payments solution stems from the 1990s and for a long while was sold as ProPay. It is mainframe-based. There is a much newer Javabased solution, with SEPA as the initial focus.
Corporate Overview
Tieto has its origins in two separate companies, which came together in 1999: the Tieto Corporation (a Finnish company which began as a data processing service company and developed into a full-service IT group), and the Enator Group (which was created in 1995 when Celsius AB, a Swedish listed company, hived off its IT-related operations). They formed Tietoenator, with the name shortened in 2009.
In the years following the merger, a number of acquisitions took place in selected geographical areas and target industries, until the company reached its present position.
In 2008, Tieto itself was the target for an unsuccessful takeover bid by Cidron Services Oy. The following year saw Tieto undergo reorganisation, restructuring and cost-saving programmes which, it claimed, saved almost €30 million. In 2010, it shed businesses in France, the US and Canada as part of a strategy to exit non-core industries. By 2011, there was some speculation that the UK might be next. This was denied by Liam Howard, Tieto's UK delivery and development director, financial services. However, Tieto's corporate HQ in Helsinki declined to either confirm or deny this development. Around the same time, Tieto drafted in Lasse Heinonen as new CFO, replacing Seppo Haapalainen who had been in the position for over two decades. Heinonen would also assume control of finance, treasury, corporate ICT, risk management, procurement, and communications
and investor relations.
For the year-ended 31st December 2010, Tieto had pre-tax profits of €66.1 million on net sales of €1,173.7 million. This compared with 2009 pre-tax profits of €70.3 million on net sales of €1,706.3 million.
Summary History
1968 – Tieto is established.
• 1990 – Development of ProSwitch.
• 1995 – Creation of the Enator Group when Swedish-listed Celsius AB spun off its IT-related operations.
• 1999 – Coming together of the Tieto Corporation and the Enator Group to create Tietoenator.
• 2001 – Provida is acquired by Tietoenator.
2006 – Official launch of Tietoenator Financial Solutions UK. The company had had a UK presence for some time but its acquisition of Attentiv Systems shortly before provided a platform from which the company could launch fully into the UK financial services market.
• 2009 – Tietoenator shortens its name to Tieto.
• 2009 – Launch of Payments Manager.
• 2009 – Claims €30 million in savings following a cost-cutting and restructuring programme.
• 2010 – Sheds businesses in France, the US and Canada.
Product Suite
Tieto's Global Payments Solution is an integrated, component-based solution, developed in the second half of the 1990s. It manages complex payments transactions and supports all forms of multi-banking requirements. ProPay is the payments engine at the core of this solution. This product was derived from Norwegian software vendor Provida (briefly known as Ementor Financial Systems), which was acquired by Tieto in 2001. The ProPay engine is based on the zOS environment (so IBM
mainframe) and this will continue to be the target platform for the foreseeable future.
In addition to this, and complementary to it, Tieto has been developing a new platform-independent payments framework, initially to handle low-value payments, based upon Java. The first module delivered under this framework was the SEPA Credit Transfer module which has already been installed in five operational sites, serving close to 100 individual banks. A second module was for SEPA Direct Debits, for which Tieto claimed to have a couple of projects in late 2009, one of which was at a large European bank. This may have been in relation to Tieto's partnership with Sentenial, in which case the identity of the bank was likely to be RBS. Tieto states that it will continue to develop new payment modules and features under a Java architecture while still ensuring the 'continuity and future-orientation' of the zOS deployment.
Tieto launched the Payments Manager solution at Swift's Sibos show in 2009. This is for the middle office, and is designed to transfer data away from the back office and create a single instance environment in the middle office, that interacts with customers through multiple channels. The hope is that this will negate the need for expensive reengineering of the back office. Four modules are available as part of this solution. These are Payment Instruction Manager, Product Manager, Customer Manager and Information Manager.
The Tieto Payment Suite runs on the following hardware platforms: IBM z series (zOS), Solaris, Windows and Linux using DB2 and Oracle databases. The system is written in Java and Cobol. User interfaces are browser-based and 3270 screens. Interfaces are provided to Swift FIN, FileAct, InterAct, EBA STEP2 SCT and to various domestic clearing systems. Tieto's payment solutions have been certified SwiftReady for more than ten years.
Tieto's Payment Suite enables the processing of a large number of payment types including: high-value/RTGS; crossborder/cross-currency; SEPA Credit Transfers (SCT); SEPA Direct Debits (SDD); domestic credit transfers and direct debits;
It comprises the following principal elements: SwiftNet gateway for FIN as well as FileAct; payment engine; single data repository (customer related data, business/processing rules, reference data, payments etc); payment repair module; payment embargo and sanction monitoring module; optional additional SDD services for creditors and debtors; payments matching module; liquidity management module; supplier finance module; cash management module; eBanking module. The modular
structure of the Payment Suite facilitates a gradual implementation/migration approach. It includes multi-entity, multi-lingual and multi-time-zone support; multi-CSM support, with routing and settlement rules; business processing rules configurable via user interface; insourcing/white labelling capabilities, SCT and SDD compliance; integration layer based on API and web services for integration with external (bank) systems. Tieto claims that it can host a complete payment processing infrastructure.
In terms of helping banks to improve their messaging infrastructure, Tieto points to the Provida-derived ProSwitch – a messaging solution, providing a single window to SwiftNet for all related services, including FIN, FileAct and InterAct. Developed initially in 1990 for Nordea, ProSwitch also provides a single connectivity point for all business applications that
need to connect to one or more of these Swift services.
ProSwitch can be implemented independently, to provide complete Swift messaging functionality, or with the rest of Tieto's Payments Suite.
Several banks have implemented ProSwitch as a global Swift messaging hub serving all of their domestic and foreign branches/offices, thereby replacing a number of local Swift solutions and improving control of their global Swift traffic. Tieto claims its solutions handle 70 per cent of Nordic Swift traffic. It also has a matching system, ProMatch, which is used by 20+ banks.
Founded in 1968, Finland-based Tieto provides both traditional cross-border payments and SEPA compliant payment solutions. Tieto is the largest IT services company in the Nordic countries. Its financial services division operates in multiple countries, with around 70 per cent of sales coming from Nordic countries but with users as well in the Baltic countries, Russia and the UK. Nonetheless, Tieto has had some tough times in recent years, with poor financials and cost-cutting. Its traditional payments solution stems from the 1990s and for a long while was sold as ProPay. It is mainframe-based. There is a much newer Javabased solution, with SEPA as the initial focus.
Corporate Overview
Tieto has its origins in two separate companies, which came together in 1999: the Tieto Corporation (a Finnish company which began as a data processing service company and developed into a full-service IT group), and the Enator Group (which was created in 1995 when Celsius AB, a Swedish listed company, hived off its IT-related operations). They formed Tietoenator, with the name shortened in 2009.
In the years following the merger, a number of acquisitions took place in selected geographical areas and target industries, until the company reached its present position.
In 2008, Tieto itself was the target for an unsuccessful takeover bid by Cidron Services Oy. The following year saw Tieto undergo reorganisation, restructuring and cost-saving programmes which, it claimed, saved almost €30 million. In 2010, it shed businesses in France, the US and Canada as part of a strategy to exit non-core industries. By 2011, there was some speculation that the UK might be next. This was denied by Liam Howard, Tieto's UK delivery and development director, financial services. However, Tieto's corporate HQ in Helsinki declined to either confirm or deny this development. Around the same time, Tieto drafted in Lasse Heinonen as new CFO, replacing Seppo Haapalainen who had been in the position for over two decades. Heinonen would also assume control of finance, treasury, corporate ICT, risk management, procurement, and communications
and investor relations.
For the year-ended 31st December 2010, Tieto had pre-tax profits of €66.1 million on net sales of €1,173.7 million. This compared with 2009 pre-tax profits of €70.3 million on net sales of €1,706.3 million.
Summary History
1968 – Tieto is established.
• 1990 – Development of ProSwitch.
• 1995 – Creation of the Enator Group when Swedish-listed Celsius AB spun off its IT-related operations.
• 1999 – Coming together of the Tieto Corporation and the Enator Group to create Tietoenator.
• 2001 – Provida is acquired by Tietoenator.
2006 – Official launch of Tietoenator Financial Solutions UK. The company had had a UK presence for some time but its acquisition of Attentiv Systems shortly before provided a platform from which the company could launch fully into the UK financial services market.
• 2009 – Tietoenator shortens its name to Tieto.
• 2009 – Launch of Payments Manager.
• 2009 – Claims €30 million in savings following a cost-cutting and restructuring programme.
• 2010 – Sheds businesses in France, the US and Canada.
Product Suite
Tieto's Global Payments Solution is an integrated, component-based solution, developed in the second half of the 1990s. It manages complex payments transactions and supports all forms of multi-banking requirements. ProPay is the payments engine at the core of this solution. This product was derived from Norwegian software vendor Provida (briefly known as Ementor Financial Systems), which was acquired by Tieto in 2001. The ProPay engine is based on the zOS environment (so IBM
mainframe) and this will continue to be the target platform for the foreseeable future.
In addition to this, and complementary to it, Tieto has been developing a new platform-independent payments framework, initially to handle low-value payments, based upon Java. The first module delivered under this framework was the SEPA Credit Transfer module which has already been installed in five operational sites, serving close to 100 individual banks. A second module was for SEPA Direct Debits, for which Tieto claimed to have a couple of projects in late 2009, one of which was at a large European bank. This may have been in relation to Tieto's partnership with Sentenial, in which case the identity of the bank was likely to be RBS. Tieto states that it will continue to develop new payment modules and features under a Java architecture while still ensuring the 'continuity and future-orientation' of the zOS deployment.
Tieto launched the Payments Manager solution at Swift's Sibos show in 2009. This is for the middle office, and is designed to transfer data away from the back office and create a single instance environment in the middle office, that interacts with customers through multiple channels. The hope is that this will negate the need for expensive reengineering of the back office. Four modules are available as part of this solution. These are Payment Instruction Manager, Product Manager, Customer Manager and Information Manager.
The Tieto Payment Suite runs on the following hardware platforms: IBM z series (zOS), Solaris, Windows and Linux using DB2 and Oracle databases. The system is written in Java and Cobol. User interfaces are browser-based and 3270 screens. Interfaces are provided to Swift FIN, FileAct, InterAct, EBA STEP2 SCT and to various domestic clearing systems. Tieto's payment solutions have been certified SwiftReady for more than ten years.
Tieto's Payment Suite enables the processing of a large number of payment types including: high-value/RTGS; crossborder/cross-currency; SEPA Credit Transfers (SCT); SEPA Direct Debits (SDD); domestic credit transfers and direct debits;
It comprises the following principal elements: SwiftNet gateway for FIN as well as FileAct; payment engine; single data repository (customer related data, business/processing rules, reference data, payments etc); payment repair module; payment embargo and sanction monitoring module; optional additional SDD services for creditors and debtors; payments matching module; liquidity management module; supplier finance module; cash management module; eBanking module. The modular
structure of the Payment Suite facilitates a gradual implementation/migration approach. It includes multi-entity, multi-lingual and multi-time-zone support; multi-CSM support, with routing and settlement rules; business processing rules configurable via user interface; insourcing/white labelling capabilities, SCT and SDD compliance; integration layer based on API and web services for integration with external (bank) systems. Tieto claims that it can host a complete payment processing infrastructure.
In terms of helping banks to improve their messaging infrastructure, Tieto points to the Provida-derived ProSwitch – a messaging solution, providing a single window to SwiftNet for all related services, including FIN, FileAct and InterAct. Developed initially in 1990 for Nordea, ProSwitch also provides a single connectivity point for all business applications that
need to connect to one or more of these Swift services.
ProSwitch can be implemented independently, to provide complete Swift messaging functionality, or with the rest of Tieto's Payments Suite.
Several banks have implemented ProSwitch as a global Swift messaging hub serving all of their domestic and foreign branches/offices, thereby replacing a number of local Swift solutions and improving control of their global Swift traffic. Tieto claims its solutions handle 70 per cent of Nordic Swift traffic. It also has a matching system, ProMatch, which is used by 20+ banks.
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