Leading Nordic financial software provider ranked first or second in all four performance categories of new study into European VAM Platform providers.
30 November 2023
Tietoevry Banking, the leading Nordic financial software firm, has been recognized as the European best-in-class Virtual Account Management (VAM) platforms vendor by Datos Insights.
The new study from Datos Insights examined seven major European VAM Platform vendors based on their stability, strength of their client base, product features and client services. Criteria included their vision for VAM as a strategic asset, the coverage they provide for functional features and their global presence in the financial services market. Participating vendors were required to complete a detailed product request for information (RFI) composed of qualitative and quantitative questions, conduct a minimum 60-minute product demo, and provide active client references.
Based on their analysis of these factors, Datos Insights found that Tietoevry Banking was the Best-in-Class European Vendor for VAM platforms thanks to its combination of a stable market position and superior customer service. In its evaluation, Datos Insights said that Tietoevry is well positioned to enable banks’ growth by offering new and innovative services to various customer segments, including global corporations, non-bank financial institutions and small-to-midsize enterprises. Datos Insights appreciated Tietoevry VAM platform for its strong liquidity management services and enhanced reconciliation capabilities based on intuitive client self-servicing and timely information reporting.
Commenting on the ranking, Alexandra Larsen, Head of Cash Management at Tietoevry Banking said: “We are very proud to have been recognized by Datos Insights as the European best-in-class vendor of VAM Platforms. We’re looking forward to serving more clients globally with our VAM Platform as the market seeks more real-time information on liquidity, greater visibility of funds, more flexible reporting, and better operational efficiency.”
According to Fortune Business Insights[1], global demand for VAM platforms is set to double by 2030, reaching a market value of more than $46 billion as banks’ corporate customers seek more efficiency and greater automation in areas such as procurement and expense management. VAs help companies to reduce error rates and speed up reconciliation while dramatically cutting costs and improving visibility in these areas and are proving highly popular with corporate clients.
Enrico Camerinelli, Strategic Advisor at Datos Insights added: “Tietoevry is well positioned for growth through these new and innovative services. Banks who service large corporations are increasingly seeking more effective cash management solutions for their clients in the digital era. Tietoevry VAM platform offers liquidity management services and enhanced reconciliation capabilities based on intuitive client self-servicing and timely information reporting. We congratulate them on their strong performance in this year’s ranking.”
About Tietoevry: Tietoevry creates purposeful technology that reinvents the world for good. We are a leading technology company with a strong Nordic heritage and global capabilities. Based on our core values of openness, trust and diversity, we work with our customers to develop digital futures where businesses, societies, and humanity thrive. Our 24 000 experts globally specialize in cloud, data, and software, serving thousands of enterprise and public-sector customers in more than 90 countries. Tietoevry annual turnover is approximately EUR 3 billion and the company’s shares are listed on the NASDAQ exchange in Helsinki and Stockholm, as well as on Oslo Børs.
About Datos Insights: Datos Insights is an advisory firm providing mission-critical insights on technology, regulation, strategy, and operations to hundreds of banks, insurers, payments providers and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. https://datos-insights.com/
[1] Cited in Deutsche Bank flow, 31 October 2023: “”APIs and Virtual Accounts: the benefits” https://flow.db.com/more/flow-case-studies/apis-and-virtual-accounts-real-time-benefits