The new offering, Misys FusionBanking Essence, mirrors the way banks need to start transforming their digital businesses to remain competitive. This "outside-in" approach empowers banks to address their digital strategy first, then enabling the renovation of the product factory, and then continuing with the modernisation all the way to the general ledger.

Misys FusionBanking Essence is a new, open componentised banking solution. It integrates the recently acquired digital channels solutions with the componentised core FusionBanking system, in-memory analytics engine and a range of applications. Its unique structure enables banks to increase their competitive edge, providing them with a transformation roadmap.

Banks are able to unlock valuable data in the core system to profile customers more effectively. This actionable data can be used to offer more tailored services and drive successful marketing campaigns. Misys FusionBanking Essence has been proven to reduce the time taken to design and create new financial products by up to 60 per cent. With integrated digital channels, these products can be distributed to banks' customers far more quickly than before. A further advantage of the solution is it gives banks the ability to provide a seamless integrated experience across all channels.

The Belize Bank Limited has licensed the solution. "Misys FusionBanking Essence provided a visionary solution, for a visionary bank," states Jose Cardona, Chief Operating Officer, The Belize Bank Ltd. "Our transformation required a new platform that would allow us to project ourselves both locally in Belize as well as across the region. FusionBanking Essence provides that platform; it will enable us to launch products rapidly to the market and provides the reporting and regulatory capabilities that we need."

Boris Lipiainen, Head of Product Management at Misys, adds, "Progressive banks are looking to transform their banking operations into streamlineed, customer-centric profit drivers, through front-end applications and channels. Why would they want to perform 'open heart surgery', and replace their entire core systems, in a high-risk way? FusionBanking Essence provides an alternative that not only de-risks the transformation, but accelerates banks' ROI from the channels, through the middle office, to the core system."

The launch of Misys FusionBanking Essence is one of many solutions that Misys has brought to market using its modern componentised architecture that enables clients to integrate Misys software easily with third party or bank-built systems and services. The Misys software portfolio preserves banks' IT investments and creates an integrated platform that drives performance, growth and innovation.

This means that banks do not need to rip out existing systems, but can select the appropriate components to enable them to gain competitive advantage. They are able to accelerate product innovation from design and development through to distribution across different channels. One example of such a component is Misys FusionBanking Insight, an in-memory analytics engine, which provides the information needed to make customer interactions more relevant and more profitable.