Finance company Festina set to launch pension platform in the UK market
In a move aimed at modernising pension administration in the UK, Danish fintech company Festina Finance has expanded its operations into the British market. The company's cloud-native Festina Life and Pension Platform is poised to revolutionise the industry, providing strategic freedom from legacy constraints and addressing technology issues that have long plagued the sector.
Festina Finance's UK entry, according to Dan McLaughlin, the UK country head at the company, is a natural step in the company's evolution. The firm is targeting UK pension administrators seeking to modernise their operations, offering a solution that caters to Defined Benefit (DB), Defined Contribution (DC), Collective DC (CDC), and life insurance markets.
The Festina Life and Pension Platform is designed to manage large-scale pension administration functions efficiently. Key features include a modular architecture, no-code configuration, cloud-native design, market flexibility, and scalability to support over 8 million members and more than £700 billion in assets.
The platform's modular architecture is based on Gartner's pace-layered application strategy, allowing clients to integrate it at their own pace without requiring a complete overhaul of existing systems. The no-code configuration enables users to adjust scheme designs, fees, and rules through settings, without the need for development work.
The cloud-native design of the platform is designed to handle complex operational tasks efficiently, leveraging cloud technology for scalability and flexibility. The system is configured to support different markets, making it adaptable for various regional requirements.
Notable clients include PensionDanmark and APG, the largest pension provider in Europe. The platform's scalability and market adaptability have made it a popular choice among European pension providers.
With the Festina Life and Pension Platform, UK pension providers can focus on strategy, value creation, and member experience, rather than workarounds, delays, or system limitations. The platform offers real agility, simplification, megafund scale, and future proofing for UK pension schemes.
In a statement, McLaughlin emphasised the importance of financial technology systems empowering rather than restricting. He highlighted that the platform aims to break the cycle of increasing complexity and member expectations colliding with legacy tech constraints in the UK pension landscape.
Netcompany, an investor in Festina Finance, is one of the partners accompanying the company's UK expansion. The company's entry into the UK market comes amid mounting regulatory pressure and rising member expectations, positioning Festina Finance as a key player in the UK's pension innovation landscape.
Festina Finance, with its expansion into the UK, aims to offer a technology-driven solution to modernise pension administration in the business sector. The firm's cloud-native Festina Life and Pension Platform is designed to cater to various markets, including Defined Benefit (DB), Defined Contribution (DC), Collective DC (CDC), and life insurance, addressing the technology issues that have long been prevalent in the industry.
