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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.