LeasePlan Bank Opts for Ohpen’s Core Banking Tech

Cloud banking provider Ohpen has migrated close to one million Dutch and German savings accounts of LeasePlan Bank to its core banking engine in the bank’s major technology overhaul, reports Sharon Kimathi of Fintech Futures (Finovate’s sister publication).

The project was completed by migrating the aforementioned accounts and more than 17 million historical records. The smooth transition was the result of a close collaboration between LeasePlan Bank and Ohpen, the vendor said.

“We set out to reduce our IT complexity and improve the flexibility, reliability and efficiency of our services, whilst wanting to avoid any negative customer impact as much as possible during the transition phase,” said Sander Frons, director at LeasePlan Bank.

Frons believes that the migration and implementation to the purely cloud-native Software-as-a-Service (SaaS) solution from Ohpen was a textbook example of how such an operation should be run.

Angelique Schouten, board member at Ohpen, observed that “more and more financial organizations want to increase the digitization of their technology stack, and at the same time want to decrease their IT complexity”.

In the case of LeasePlan Bank, the Ohpen Platform replaced a number of legacy solutions, including Flexcube from Oracle FSS, which were installed on-premise. The new platform is hosted on the Amazon Web Services (AWS) cloud.

Ohpen demonstrated its core banking platform at FinovateFall 2012. Founded in 2009 and headquartered in Amsterdam, The Netherlands, the Ohpen announced earlier this year that NPM Capital had acquired a 35% stake in the company. Ohpen began 2019 with a big change at the top, appointing its Chief Operational Officer Matthijs Aler as CEO. Aler replaced Ohpen founder Chris Zadeh, who will continue to serve as chairman of the company’s board of directors.

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NPM Capital Now Owns 35% of Ohpen

Core banking platform provider Ohpen announced this week that NPM Capital has acquired a 35% stake in the company.

This news comes after Ohpen’s first investor, Amerborgh, sold its stake in the company to NPM Capital in order to free up capital to finance future projects.

Rutger Ruigrok, Managing Director at NPM Capital, described Ohpen as “one of the most promising technology companies that we have seen in the past few years.” He continued, “We are impressed with their achievements over the past ten years: a cloud native core banking engine, an impressive customer base, and a wonderful foundation for further growth. We are very enthusiastic about now being part of their future.”

Having a new shareholder on board, Ohpen CEO Matthijs Aler explained, broadens the company’s options to finance future growth. “With Amerborgh and now also with NPM, we have a well-balanced long-term shareholder structure that enables Ohpen to realize all of its future growth ambitions. I am really looking forward to working with the NPM team,” he said.

Founded in 2009, Ohpen offers a cloud-based core banking API that gives banks a different option from legacy systems. At FinovateFall 2012, the company explained its multilingual cloud banking platform. In December of last year, Ohpen launched its new API portal. 

With 120 employees across the Netherlands and Spain, Ohpen has raised $45 million. Matthijs Aler joined the company earlier this year as CEO.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Ohpen Migrates More than 400k Accounts in Partnership with Aegon

Ohpen is making tech progress as it has migrated over 400,000 Dutch savings and investment accounts from Aegon to its core banking engine, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

As reported in April last year, financial services provider Aegon was partnering with Ohpen to develop a new platform for its Dutch services.

The firms said they are merging their domain knowledge within pensions and technology. Aegon will plug into Ohpen’s singular platform via a 100% API-based interface.

In the latest phase, Ohpen said this migration is in line with their previously communicated ambition to “build the infrastructure and architecture of the future”.

Chris Zadeh, founder and CEO of Ohpen, said it developed its cloud-based core banking engine “from scratch to ensure that the technology and processes actually work, all the time.”

After the completion of this migration, all accounts of clients with investment and (fiscal) savings products of Aegon Bank will be administered by Ohpen.

In other Ohpen news, last month it unveiled its Ohpen API Portal (OAP) in beta mode. In its view, IT and re-platforming projects in financial services have a “reputation of running over time and budget”.

The firm stays true to its name because when asked about wealthtech woes in the U.K. it was very transparent. In that exclusive report in November, it responded quickly and said it had made 19 staff redundant at its U.K. office due to the lack of action in the asset management space.

Ohpen’s Dutch operations appear to be unaffected by these U.K. job losses. As reported in an exclusive in July, LeasePlan Bank, the online savings bank based in the Netherlands, chose it to upgrade its whole core cloud banking engine.

Founded in 2009 and headquartered in Amsterdam, the Netherlands, Ohpen demonstrated its core banking platform at FinovateFall 2012. The firm has raised €40 million in funding and includes Amerborgh among its investors.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Ohpen Teams Up with Dutch Savings Bank LeasePlan

LeasePlan Bank, the online savings bank based in the Netherlands, has chosen Ohpen to upgrade its whole core cloud banking engine, Pieter Aartsen and Angelique Schouten, global board members at Ohpen, told Henry Villar of FinTech Futures.

The bank will do a full-stack upgrade of its core engine and all other tech, which moves away from Oracle FSS’s Flexcube, an on-premises system onto Ohpen’s cloud-native engine.

This move will cover both the Dutch and German operations of the bank. Although the bank is headquartered in the Netherlands, a part of its client base is based in Germany.

The partnership was effective as of the 27th of June, but the team will officially start the implementation on the 4th of July. During the implementation, the bank’s whole system, bar the website, will be provided by Ohpen’s tech. For the bank it is the retail savings and deposits IT infrastructure, which is what LeasePlan Bank specialises in.

“Migrating LeasePlan Bank’s customers to the Ohpen core banking platform will reduce the complexity of their savings and deposits IT architecture and make LeasePlan Bank more agile,” said Aartsen.

Ohpen has been gaining traction over the last few years. Knab, a challenger bank subsidiary of Aegon, moved to Ohpen’s core from Sopra Banking Software’s system. Aegon is also a customer of Ohpen.

Former Delta Lloyd Bank, which was taken over by Nationale Nederlanden (NN) Group last year, also made the jump onto Ohpen’s tech, alongside NN Bank. On the way out are Temenos with its T24 system and Able (a local banking software provider).

When asked about the reason for this momentum, Schouten cited Ohpen’s “power of one” motto.

“We have one core banking engine running in the cloud, one code base, one version of our platform for all countries. The fact that it’s one solution and cloud-based means that it is faster, more reliable and we can release our new software to all clients at the same time, which happens every month,” she told us.

Aartsen added: “We were the first ones going all-in cloud, fully cloud natives and programmed a whole new bank from scratch and have been running it in the cloud and offering it as a SaaS for nine years now. This means that our tech is now future-proof, and we can adapt it in the future without the deployment demands of on-premise architecture.”

Ohpen demonstrated its core banking platform at FinovateFall 2012. Earlier this year, Ohpen raised $31 million in a Series C round led by PE firm Amerborgh, which took the company’s total equity capital to $50 million. Chris Zadeh is founder and CEO.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.