Municipality Finance Plc (MuniFin) of Finland Digital Transformation Initiatives

About

Municipality Finance Plc, a credit institution, provides financial services for municipalities and central government subsidized housing production in Finland. The company offers market-based funding to municipalities, joint municipal authorities, municipality controlled entities, and non-profit corporations and organizations.

Scope and Challenges

Municipality Finance Plc (MuniFin) of Finland selected Openlink’s solution to enhance the institution’s straight-through processing (STP) capabilities and comprehensively manage risk across the organization.

MuniFin launched a significant, internal transformation effort across its capital markets, customer finance, back office, risk management and IT functions. The team sought a solution that provides customizable STP capabilities across multiple asset classes and can meet unique business requirements. The search led MuniFin to work with OpenLink and implement the new platform in November 2017.

Outcome and Implications

Concurrently, MuniFin launched new instruments—such as green financing for environmentally friendly projects—and needed a platform that can grow with the future direction of Finland’s public sector projects.

Quotes

“MuniFin’s mission to provide competitive and timely financing for the Finnish public sector is based on overall operational excellence, how quickly and transparently we bring deals to closure, and a comprehensive view of risk. As we migrated to OpenLink's platform, we challenged ourselves to streamline and integrate our workflows. We also strengthened our foundation of deal data for improved analytics, reporting, and compliance, and shifted to even higher value work that serves the evolving needs of our customers.” - said Marjo Tomminen, Executive Vice President and Chief Financial Officer of MuniFin.