Misys has acquired the intellectual property rights and software relating to a suite of US financial payments products from Canada's Gandacar Consulting (GCL) as it bids to broaden its appeal as a supplier to US transaction banks.
The deal with GCL includes the intellectual property, software and expertise behind the ST-Pymnts, TradeWatch, OFAC and FinCEN products.
Misys had previously integrated the GCL products within its core banking suite and currently has 15 US customers onboard. The vendor says outright acquisition will give it more control over future development and lead to tighter integration with its existing products.
Amar Naher, regional sales director banking, North America, Misys, says: "We now have a US payments engine over which we have total control for all our core systems available for North American banks, paving the way for our transaction banking solutions to penetrate the US market further."
GCL's US-centric payments engine will be combined with existing Misys international payments capabilities, he says, thereby offering US-based banks an easier path to international expansion, and certified Fedwire and Chips connectivity to overseas banking customers.