The software enables Sampo to provide investment services via electronic channels. The delivered suite includes functions for share trading, funds and bonds, portfolio management and some general services, as well as a software platform. Later this year, Meridea will deliver the functions for account and card management, payments and loans.

Meridea’s software will gradually replace Sampo’s existing online service.

The company was formed in November 2001 to develop and sell a new generation of mobile and e-banking software applications to third party banks. The system is based on J2EE architecture and is designed for the management of multi-channel environments with easy integration to legacy systems.

Olavi Luukkonen, CIO, Sampo says the firm has been preparing for the adoption and integration of the product during the past year.

"Our first experiences of Meridea’s product and its integration capability have been positive," he says. "Because it is based on sustainable technology, it provides a long-term solution for online banking and mobile environments, and we believe that it will give us a good basis for providing banking services in the era of new mobile devices."

Esa Tihilä, CEO, Meridea Financial Software says the new product set brings savings of 30–50% in comparison with the costs of similar custom-built solutions and their maintenance.

Says Tihilä: "We offer our clients a clear and simple licensing model, with the aim of providing solutions that have a pay-back period of 12–24 months."

Meridea’s pricing system is based on a ‘pay-as-you-go’ model, he adds, as the price the client pays for the suite depends on the number of end users, and how many functions and channels are included.