Nord/LB licenses Misys Midas Plus
30 July 2007 | 2289 views | 0
NORD/LB (Norddeutsche Landesbank Girozentrale), one of Germany's most prestigious banking groups, has selected Misys Midas Plus to support its aim of growing its corporate banking business and at the same time making the group's risk and cost structure more competitive.
With further investment into the global Midas strategy and afterwards implementing Misys Midas Plus with Global Processing, NORD/LB will be able to reduce costs and risk across its international banking operations.
NORD/LB, with headquarters in Hannover, is a recognised German Landesbank, with a strong and growing presence in all the world's major financial and trading centres. The bank has been a customer of Misys for over a decade, running its operations on Misys Midas. The bank has chosen Midas Plus as its strategic core banking platform and it will initially run the group's banking operations in London, New York, Singapore and Shanghai, with the plan that every subsidiary within the bank's worldwide operation will be run on Midas Plus.
Michael Brandes, Head of Information Management and Organisation and Relationship Management, NORD/LB, comments, "Competition in our industry is becoming increasingly fierce and we have initiated a number of changes at NORD/LB to face the challenges of the market. The choice of Misys Midas Plus as our strategic technology platform supports our business strategy in our foreign branches from an operational, technical and banking point of view. It gives us an opportunity to standardise business practices throughout our world-wide branches, thereby cutting duplication of effort and resources, minimising exposure to fraud and ensuring a consistent service for our customers world-wide. At the same time, we can have a coherent view of management information across branches, so we can make better informed decisions more quickly. From a banking point of view, we see strong growth in the commercial, syndicated lending area. In our view, Midas is certainly the best system to support our growth strategy."
Claus Schuenemann, Head of Sales for Europe, Misys Banking, adds, "One of the major challenges facing banks today is the increasing complexity and expense of managing multiple international branches. As a result, many banks today are looking to consolidate their technology operations and take advantage of the benefits of globalisation. By centralising IT operations in one location, banks can reduce support costs, have better access to appropriate skills and improve the resiliency of their systems. Misys is the only vendor that provides a complete answer to banks' Global Processing needs."
Through this agreement, NORD/LB's whole corporate banking operations will be supported on a single consistent set of business processes and support infrastructure, underpinning the customer-facing business activities.