The agreement means that Tieto can provide a sought-after outsourcing solution for the Nordic financial market. The agreement also means that some of Cerdo's personnel will be transferred to Tieto.

The combination of Cerdo's competences within Business Process Outsourcing (BPO) and developed business processes together with Tieto's IT and consultancy services enables Tieto to offer an integrated business solution in administrative payments and savings services to its customers. This strengthens Tieto's position as a leading partner for the banking and financial sector in the Nordic region.

- We are pleased to be able to take on full responsibility for banks' administrative services, including system and process management. It enables our customers to focus on their core business and become more innovative and competitive, says Vahid Zohali, Vice President Banking at Tieto.

Tieto and Cerdo have collaborated since 2006, mainly in the Fund, Securities and Card product areas. The companies have also together developed industry-specific cloud solutions for the banking and financial sector.

- This is a natural step in a very fruitful collaboration. It is great that the customers now can be offered an even stronger service consisting of Tieto's expertise in IT together with Cerdo's solid business and process knowledge within the financial sector, says Anneli Ödén, Managing Director at Cerdo Bankpartner.