UBS and Bank of Cyprus upgrade to Misys Midas Plus

UBS and Bank of Cyprus upgrade to Misys Midas Plus

UK banking systems vendor Misys says UBS and Bank of Cyprus are each implementing its Midas Plus technology.

Misys Plus is an enterprise-wide banking application providing 'back-to-front' functionality.

UBS is rolling out the technology across its Asia Pacific operations. The system will cover five international branches from a hubbed operation, based in Singapore.

Misys says the technology will help UBS to improve support for corporate banking and wealth management clients. The system will speed up transaction processing across treasury, securities, lending and cash accounts business areas and equip the bank with stronger risk and collateral management capabilities.

Bank of Cyprus has signed for Misys Midas Plus with Global Processing which it will use to consolidate its treasury systems into a single location.

Midas Plus will be integrated with the bank's existing core system and will handle all traded instruments allowing traders and treasury managers to have real-time information on positions, exposures and profitability.

Misys says the technology will enable Bank of Cyprus to automate much of the treasury activities within the bank, increasing control and reducing the overall cost of the treasury function.

Leonidas Isodiou, chief information officer, Bank of Cyprus, says the bank chose Midas Plus for its ability "to give us a centrally-located system which supports multiple time zones and languages and gives us a true enterprise-view of our management information".

The implementation is expected to go live before the end of 2006.

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