Red Hat, Inc., the world's leading provider of open source solutions, today announced that Asiakastieto Group, a Helsinki-based fintech company, is using Red Hat solutions to build its new account information service, Account Insight, on an open banking platform. The firm uses Red Hat OpenShift for faster time to market and Red Hat Integration to centrally manage data sharing with business customers to deliver the most relevant, timely offerings to end consumers.
Red Hat OpenShift is a comprehensive cloud platform that has enabled us to bring Account Insight to life and focus on the business challenge, rather than the infrastructure. We are excited about the solution’s potential to help reduce the level of personal and corporate debt in Nordic societies.
Asiakastieto provides data innovations to support the banking, e-commerce, financial services and retail sectors with risk management, finance, administration, decision making, sales and marketing services. With the introduction of the European Union revised Payment Services Directive (PSD2), Asiakastieto identified an opportunity with its customers to analyze data from bank accounts to better understand the liquidity and cash flow of loan applicants, enabling more accurate credit assessments to be generated. Its vision was to help reduce loan repayment defaults and personal debt.
To keep down costs for its customers, Asiakastieto looked for scalable technology with advanced automation capabilities and high availability and chose Red Hat OpenShift, the industry’s most comprehensive enterprise Kubernetes platform, as its foundation for containerized applications. To run modern, cloud-native applications with freedom of choice in technology, Asiakastieto implemented an open microservices architecture with the help of tools and frameworks from Red Hat Runtimes. Red Hat 3scale API Management provided Asiakastieto with a centralised, more secure interface to connect banks and credit grantors and to enable test and launch of changes via configuration, removing the need to build and redeploy code, which was disruptive to business.
Asiakastieto developed Account Insight in the spirit of open collaboration, hosting service design workshops with pilot customers and sharing its test environment with them to improve the application. The Asiakastieto team worked closely with Red Hat to adopt a best practice implementation of Red Hat open source technologies for the new solution to accelerate time-to-value for the business. This includes the introduction of Quarkus, which has enabled faster application development and developer productivity on Red Hat OpenShift thanks to significant reduction in resource utilization: Asiakastieto tests show that memory footprint was reduced by more than 90%, throughput was improved by 25%, and CPU consumption was reduced by about 70%.
With Account Insight, Asiakastieto has reduced the time needed for its production deployment cycles by 95%. Today, it typically deploys software into production in less than an hour, compared to an average of one day or more previously. Before, the company set aside two mornings a week for this part of the development process, whereas now it has more freedom to deploy into production at any time during office hours.
Asiakastieto intends to expand its use of Red Hat OpenShift to power future innovation for credit assessment and other new services using big data analytics for business customers and consumers, and to scale geographically to cover more of the EU.
Tim Hooley, EMEA FSI chief technologist, Red Hat
"Open banking presents a space for creativity as well as a way to drive business efficiencies, and Asiakastieto has taken the initiative to identify how combining open data sets can unlock new benefits for businesses and society. Making use of Red Hat’s container platform and integration technologies, Asiakastieto has been able to take its innovative idea from concept to application quickly and effectively. We are pleased to have supported Asiakastieto on its open banking journey, the open source way, and look forward to continuing to collaborate."
Reetta Sinelampi, Development director, Asiakastieto
"We need to be early movers in our industry, since our customers rely on us to help them develop new solutions, get ahead of regulatory requirements, and take advantage of evolving commercial opportunities - in a compliant way. Open source gives us more speed and scope to innovate, and Red Hat provides us with greater security and valued support. Red Hat OpenShift is a comprehensive cloud platform that has enabled us to bring Account Insight to life and focus on the business challenge, rather than the infrastructure. We are excited about the solution’s potential to help reduce the level of personal and corporate debt in Nordic societies, which is currently at a record high. After the COVID-19 outbreak, we have had more than 10 new creditors integrate with our test environment with plans to roll into production. These financial services customers have an acute need to understand their consumer customers’ liquidity and corporate customers’ cash flow based on bank account data. They seek more security, reliability and 24/7 availability. We are pleased to be able to help our customers during this difficult time and meet their new requirements faster."
- Read more about how Asiakastieto is working with Red Hat
- Watch Asiakastieto’s presentation at OpenShift Commons
- Learn more about open banking
- Learn more about Red Hat Integration
- Learn more about Red Hat 3scale API Management
- Learn more about Red Hat Runtimes
- Learn more about Red Hat Openshift
- Read more Red Hat customer success stories
Connect with Red Hat
About Red Hat
Red Hat is the world’s leading provider of enterprise open source software solutions, using a community-powered approach to deliver reliable and high-performing Linux, hybrid cloud, container, and Kubernetes technologies. Red Hat helps customers integrate new and existing IT applications, develop cloud-native applications, standardize on our industry-leading operating system, and automate, secure, and manage complex environments. Award-winning support, training, and consulting services make Red Hat a trusted adviser to the Fortune 500. As a strategic partner to cloud providers, system integrators, application vendors, customers, and open source communities, Red Hat can help organizations prepare for the digital future.
Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: risks related to our pending merger with International Business Machines Corporation, the ability of the Company to compete effectively; the ability to deliver and stimulate demand for new products and technological innovations on a timely basis; delays or reductions in information technology spending; the integration of acquisitions and the ability to market successfully acquired technologies and products; risks related to errors or defects in our offerings and third-party products upon which our offerings depend; risks related to the security of our offerings and other data security vulnerabilities; fluctuations in exchange rates; changes in and a dependence on key personnel; the effects of industry consolidation; uncertainty and adverse results in litigation and related settlements; the inability to adequately protect Company intellectual property and the potential for infringement or breach of license claims of or relating to third party intellectual property; the ability to meet financial and operational challenges encountered in our international operations; and ineffective management of, and control over, the Company's growth and international operations, as well as other factors contained in our most recent Quarterly Report on Form 10-Q (copies of which may be accessed through the Securities and Exchange Commission's website at www.sec.gov), including those found therein under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations". In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic and political conditions, governmental and public policy changes and the impact of natural disasters such as earthquakes and floods. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release.
Red Hat, Red Hat Enterprise Linux, the Red Hat logo, JBoss, Ansible, Ceph, CloudForms, Gluster and OpenShift are trademarks or registered trademarks of Red Hat, Inc. or its subsidiaries in the U.S. and other countries. Linux® is the registered trademark of Linus Torvalds in the U.S. and other countries. The OpenStack Word Mark is either a registered trademark/service mark or trademark/service mark of the OpenStack Foundation, in the United States and other countries, and is used with the OpenStack Foundation's permission. Red Hat is not affiliated with, endorsed or sponsored by the OpenStack Foundation, or the OpenStack community.