CC-Bank, a Germany-based consumer finance subsidiary of Spain's Santander Group has signed a multi-million pound contract for the supply of Misys Retail Banking Systems' core banking software Equation, which it will use to support a planned expansion across Europe.
The Equation software will consolidate two legacy systems and standardise the bank's IT infrastructure, enabling CC-Bank to centralise customer data and provide customers with 24/7 online account access.
Basel II and IAS functionality will also enable the bank to meet new international rules as well as all German-specific regulatory and banking requirements.
Manfred Hanke, MD of CC-ITS, the IT services arm of CC-Group, says the implementation will allow the bank to replicate its business model internationally, particularly across Central and Eastern Europe in countries such as Poland, the Czech Republic and Hungary.
The first phase of the installation of Equation will go live in spring 2005, with the roll out expected to be completed over three years.