Annual Report 2017

Swedish Market
2017 began with good news for the Bank of Åland’s customers in Sweden. This was due in part to that the Bank of Åland became connected to the Swish mobile payment service, and in part due to that the bank’s customers could start using Mobile BankID to log in to the Internet and Mobile bank.

Another important event in the Swedish market was that Crosskey successfully converted the Bank of Åland’s entire stock of debit cards to Crosskey’s card system.

During the second half, Crosskey worked with the implementation of two new clients in Sweden of Crosskey’s card system and associated services. These two new clients will go live in 2018.

Finnish Market
In Finland, Crosskey’s client customer S-Bank introduced the Siirto payment service, the Finnish equivalent to Swish, during the first quarter of 2017. Thus S-Bank became one of the first banks in Finland to offer the new service. In conjunction with the launch of Siirto, S-Bank’s customers were given the possibility in digital channels to verify their identity with their fingerprints with the support of Crosskey’s C°ID service.

Taken all together, it can be noted that in 2017 Crosskey’s banking system became one of few banking systems in the Nordic market that is integrated with both Swish and Siirto.

New Capital Market System
The most prominent milestone for the year was the launch of a new capital market system for the Bank of Åland in Sweden. After several years of development work together with Model IT, Crosskey’s Finnish IT Partner, the platform was launched in the summer and the Bank of Åland’s Swedish capital market operations could be moved over to the new platform. A few months later in 2017, Indecap, one of Crosskey’s new clients, chose to use a number of service modules from the new capital market system in order to be able to streamline its business operations.

Extensive efforts have also been made to adapt Crosskey’s system palette to the General Data Protection Regulation (GDPR), MIFID II and PSD2 Payment Services. As for the Payment Services Directive, Crosskey will launch C Open, a service platform for Open Banking, in 2018. The platform enables banks to easily collaborate with other banks and FinTech companies.

Customer and Employee surveys
The high level of customer satisfaction continued in 2017. Over one-third of Crosskey’s clients have recommended Crosskey as a banking system vendor during the year. Half of the respondents felt that Crosskey is their most valuable partner.

Not only Crosskey’s clients and their customers have had a successful and good cooperation with Crosskey, but Crosskey’s personnel have also been stimulated and motivated by the successes during the year. This can be seen in the annual employee survey, where Crosskey had the highest measured satisfaction score ever in the international employee survey, Great Place to Work®.