BEC announces new name, embracing fintech

One of Denmark’s largest fintech companies is changing its name from ‘Bankernes EDB Central’ to ‘BEC Financial Technologies’.

“We have chosen a name that both states clearly what we do and makes sense for those of our employees in Denmark and Poland who do not speak Danish,” says CEO Jesper Nielsen.

BEC Financial Technologies provides all the technology that banks in Denmark need. Customers include large and small banks ranging from national Nykredit to local Frøslev-Mollerup Sparekasse. Combined, the BEC banks serve 20-30 percent of all Danish bank customers. The company had a revenue of two billion Danish kroner in 2020.

The old name, Bankernes EDB Central, referred to an outdated Danish abbreviation for ‘electronic data processing’.

From ‘electronic data processing’ to fintech and cloud

“We are in rapid development: simplifying our ways of working, opening our IT platform, and integrating our own IT solutions with the latest technologies from global partners such as cloud solutions from SAS Institute, Microsoft, and Salesforce. So, the old name is not at all who we are now,” says Jesper Nielsen.

Last October, the company launched a new logo and new design, where the words ‘financial technologies’ became part of the logo. In March, the company announced major changes to simplify BEC’s organization and processes. And today, at the company’s annual general meeting, the name change was finalized.

“After 51 years with the name ‘Bankernes EDB Central’, it had almost become retro. For many years, we have called ourselves ‘BEC’ and today are a completely different company with lots of complex and exciting fintech. Now, our name reflects who we really are,” says Jesper Nielsen, CEO of BEC Financial Technologies.