SEB in Estonia has been working for more than a year to make sure the conversion from the kroon to the euro on January 1 goes without a hitch. A few minutes after midnight ATMs will be ready to dispense the new currency and card payments will suffer only very minor downtime – less than five minutes.
Riho Unt, head of SEB in Estonia, says there is a 170-strong team working on the conversion project.
In some respects preparations have been helped by the country's comfort with e-channels – 99 per cent of SEB transactions in Estonia are done through e-services – reducing potential problems caused by handling large volumes of cash.
On the other hand, it places even greater pressure on IT systems. "When you are used to having all possible e-services available at all times, you can imagine the expectations our customer have on the bank. We have made sure we can meet those expectations," Unt says.
"We are prepared that ATMs and e-channels will get the main heat when the New Year comes and people want to see the first euros coming out of the ATM or how many euros they have in their bank account.
"Our preparations, analyses and tests have been going on for more than a year. We have carefully tested and planned all our euro-day activities and tested them several times. We want to make sure that everything not only works, but it is conducted most efficiently."
Unt says the country has been gripped by euro fever, with the conversion the hot topic not just in financial circles but on the street.
Consequently, SEB is delighted to host the first traditional withdrawal of euro in Estonia. Prime Minister Andrus Ansip will take euro from an SEB ATM during the country's official New Year's Eve party.