Aegon is Ohpen to savings and investment tech overhaul
Financial services provider Aegon is partnering with core banking engine provider Ohpen to develop a new platform for its Dutch services.
The platform will be used for the administration and distribution of its savings, pension and investment products.
The firms say they are merging their domain knowledge within pensions and technology. Aegon will plug into Ohpen’s singular platform via a 100% API-based interface.
The implementation of the platform will be executed in different phases, with the first phase set to complete by the end of 2017.
After the completion of this migration, all accounts of clients with investment and (fiscal) savings products of Aegon Bank will be administered by Ohpen.
Amsterdam-based Ohpen offers incumbent firms and new market entrants with a “bank-out-of-the-box” solution to fully outsource their operations.
Earlier this year, it gained approval from the UK’s Financial Conduct Authority (FCA) to carry out its regulated activities under its new British company, Ohpen Operations UK.
It established its UK office close to the “Silicon Roundabout” (located on the boundary of the London boroughs of Hackney and Islington – and home to a lot of tech firms) in 2016, with plans to expand the local team over the next two years.
Last year, Ohpen signed a long-term outsourcing agreement with Dutch state-owned bank SNS to deliver its business process outsourcing (BPO) solutions to support the investment propositions of ASN Bank, BLG Wonen, RegioBank and SNS.
The bulk of the Ohpen team comes from independent Dutch broker BinckBank. The company gained private equity and set out to build its system in early 2010.