London, 13 October 2003 - Misys Wholesale Banking Systems today announced the launch of its MidasPlus Global Processing solution that enables international banks to transfer business systems and operations management to a single, central point of control.  Through consolidating their operations in a single, centralised global hub environment, banks can significantly reduce costs and streamline business processes. The solution, which is being adopted by Bank of India and Industrial and Commercial Bank of China (ICBC), will be delivered during 2003 and will be on show for the first time at Sibos 2003 in Singapore 20 – 24 October.

Adopting a Global Processing model has allowed international banks to reduce costs by standardising processes on a single, central system worldwide, maintaining local procedures, eliminating duplication and establishing best working practices on a global scale. Through this consolidation, a bank can reduce errors and mismatched reconciliations, eliminate redundant and costly inter-branch activity, reduce support and operational costs dramatically and release local branches from administrative duties. 

The experience of a bank’s clients - including account servicing, call centre, payments and trade processing, sales, credit and product management - can be vastly improved by providing a common global experience for staff and customers alike.

Risk exposure can be reported and managed more effectively through centralised limit management, automated real-time position reporting, real-time limit sharing between branches and pre-deal checking. The MidasPlus Global Processing approach allows banks to achieve the ‘holy grail’ of catering for country variations in regulatory reporting and accounting standards - whether GAAP, IAS39 or FAS52 - still allowing centralisation and appropriate consolidation.

By applying MidasPlus in a Global Processing environment, banks benefit from the inherent process improvements consolidation brings, combined with the proven efficiencies generated by the Midas core banking system, currently in use at more than 500 customer sites around the world.

MidasPlus Global Processing takes advantage of the latest Java technology environment, offering an open system with central, scalable processes and customisable browser-based access. The solution can be easily linked to third party systems, thereby making the most of existing investments.

Phil Cantor, head of Global Processing at Misys Wholesale Banking Systems comments: “All the banks we speak to want to manage their costs more effectively. Obvious cost-cutting measures, such as managing cost sign-offs and trimming staff numbers, have usually been done. That leaves global standardisation as a compelling next step.  The beauty of MidasPlus Global Processing is that it enables this whilst allowing the local flexibility that is so vital.” A key part of Misys’ approach is to analyse the potential of Global Processing for each client based on a benefits calculator developed by Misys.

Misys has already secured contracts with two international banks for the MidasPlus Global Processing solution. Bank of India will use MidasPlus Global Processing to connect seven sites through a single global hub based in Singapore. ICBC will run up to 15 international branches from a single overseas data centre hub in Southern China. Implementation is already underway to consolidate branches in Macau, Singapore, Tokyo, Seoul and Hong Kong.

Other Misys Wholesale Banking Systems products, such as Trade Innovation and OPICS, solutions can also be applied in a Global Processing environment.  For example, a major UK bank is using OPICS to support processing in 35 locations, many of them from a single hub managing in excess of 14,000 transactions per day.

Ian Giles
Head of Marketing
Misys Wholesale Banking Systems
+44 (0) 208 486 1508
ian.giles@misys.com

About Misys Wholesale Banking Systems
Misys Wholesale Banking Systems is a trusted provider of innovative technology solutions: over 1,000 employees in 30 offices around the world have built up the domain expertise to deliver world-class solutions with an understanding of local requirements. Misys Wholesale Banking Systems' staff are committed to developing and supporting a product family that embraces trade finance, international banking, treasury & capital markets, confirmation matching, continuous linked settlement (CLS), eBanking, middleware and financial messaging.

Misys Wholesale Banking Systems is part of Misys plc’s Banking & Securities Division, which serves over 1,200 customers across more than 120 countries, including 92% of the world's top 50 banks and 56% of the top 250. (Source: The Banker, July 2003).

Misys plc, one of the world's largest software solutions companies, serves customers in the international banking and securities, US healthcare, and UK retail financial services sectors. Employing over 6,500 staff, Misys reported revenues in excess of £1 billion ($1.5 billion) for the year ended 31 May 2003. For more information, visit www.misys.com.

About Midas
Midas is a leading international banking solution, providing comprehensive support for banks focused on servicing corporate banking clients, including coverage of treasury, capital markets, retail and private banking. Its focus is on reduction of operational costs and increased automation, through STP and workflow. Misys has an excellent track record of continuing to meet market practice and regulatory compliance in an environment of increasing change in this market.