Banking functions for SAV-Rahoitus

  • Automated account handling, bookkeeping and payment traffic
  • Modularity provides easy scalability and modification

SAV-Rahoitus is a Finnish financing company that specialies in vehicle finance. It is listed on the OMX NASDAQ First North list in Finland. SAV-Rahoitus has been operating for over a decade. During that time, around 100,000 Finns have applied to the company for credit or financing.

SAV-Rahoitus is planning to apply for a banking licence. This would allow the company to accept deposits from the public, thus becoming a savings bank rather than a financing firm. Operations would then be based on online banking.

Digia built SAV-Rahoitus, a system for banking deposits, based on its Financial Systems suite. The system provides basic banking functionality such as deposits and withdrawals and also includes report and interface supporting features.

Automation is critical to online banking

Digia’s system allows SAV’s clients to register as banking customers, make transfers from other banks and set up savings accounts online. Interest payment and maturation functions for savings accounts guarantee effiency, thus manual action is rarely required from the bank. Internal invoice processing, data updates, bookkeeping, and payment transactions are near-automatic.

TUPAS, the Finnish banks’ shared authentication system, guarantees data security.

To make the system easy to expand and develop, the online bank was created in modules. The Digia Financial Systems solution includes loans and credit accounts as well as banking functions. It also provides all reports needed by the customer and the authorities.

Comprehensive solution

“In testing, the system has functioned well and met our needs. I believe it will also serve us well in our financing operations, even if we don’t diversify into a savings bank,” says SAV-Rahoitus’ CEO Harri Kalliokoski.