Nordic-based financial services group Nordea Bank has signed a $540m multi-year managed services agreement with IBM Services to outsource its IBM Z operations.
IBM Z is a family name referring all IBM mainframe computers starting from the Z900 model.
Go deeper with GlobalData
The new agreement builds on Nordea-IBM association which began in 2003.
IBM Global Technology Services senior vice president Martin Jetter said: “As we continue to grow our long-standing relationship with Nordea, we are looking forward to working with them to drive their digital progress with IBM Services.
“Our latest agreement will help Nordea accelerate its leadership as one of the largest financial services organisations in the Nordics and provide a solid path to bringing new efficiencies in their digital transformation.”
Nordea will outsource most of its IBM Z infrastructure services in five countries. Following the transfer, it will continue to have access to technical upgrades as well as cognitive services.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataAs per the contract, a group of Nordea employees will also transfer to IBM. The managed service agreement is different from the earlier signed mainframe contract.
Last month, Nordea rolled out a Nordea instant reporting solution based on API. It enables corporate clients to access their accounts as well as integrate real-time data with their systems.
