State Bank of India rolls out Misys' banking and trade finance solutions

Misys says the products will help the bank comply with local accounting requirements and automate reporting to the Monetary Authority of Singapore.

Midas provides a centralised point for settlement, accounting and network interfacing and enables the bank to gain a complete view of its business for MIS, risk control and regulatory reporting. Trade Innovation is a trade finance package that delivers workflow management and e-commerce capabilities and includes import/export letters of credit, payments services, shipping guarantees and airway bill release.

The two products integrate to provide a consolidated view of transactions and Swift messaging.

Padma Ramasubban, chief executive officer, State Bank of India, Singapore branch, says: "Together Midas and Trade Innovation are ideally suited to meet the new regulatory requirements we are facing."

The vendor recently contracted with the Bank of India for the supply and implementation of its MidasPlus package across branches in Singapore.