Latvia's fourth largest bank Rietumu Banka has selected Misys International Banking Systems’ (Misys) Equation solution to replace its existing enterprise banking systems.
Rietumu Banka’s business focuses primarily on the provision of banking services to corporate clients, plus small and medium-sized businesses. It also offers a portfolio of private banking products to high net-worth individuals, including investment advisory services, foreign exchange and securities trading.
Equation will be deployed at the bank's new headquarters in Riga and will be linked to branches across the capital and in Daugavpils and Liepaja.
Running on Microsoft Windows NT operating system, Equation includes applications for customer relationship management; FX/money market and commercial loans transactions; and retail banking services covering accounts, deposits, lending, cashier and automated signature verification.
The system will be integrated with a number of the bank's legacy systems, and will be interfaced to CR2's Bankworld package, which provides a front-end channel delivery system controlling corporate clients’ access to a variety of the bank’s services, including cash management and Internet banking.
Evgeny Ostelis, IT director of Rietumu Banka comments: “Our choice was determined by a number of factors, one of the most important being that Misys could provide local service and support through its branch in Riga. In addition, Equation has established an impressive track record in the Baltic region, with Krajbanka and Hipoteku Zemes Banka in Latvia, and Sampo Bank in Estonia having already implemented the system.”