Misys (FTSE: MSY.L), the global application software and services company, today announces that the OJSC Bank VTB, the second largest bank in Russia with the biggest share of trade finance business in Financing Russian Exports/Imports in 2006 under EBRD Trade Facilitation Program, has successfully gone live with its award-winning trade finance system, Misys Trade Innovation.
As a result of this, the bank is expecting to see an increased performance in its trade finance operations and thus deliver more results to its customers.
Trade finance is traditionally one of the major and strongest business lines for VTB. As one of Russia's largest financial institutions, VTB has a wide network of branches in the country and abroad and is expanding rapidly since its very successful IPO in May 2007, which is one of the world's largest with more than $8 billion raised.
Misys Trade Innovation was selected by the bank over a long list of competitive solutions, including all leading international trade finance software vendors. The decision to implement Misys Trade Innovation was based upon the flexibility of the solution, its ability to adapt to specific Russian requirements, the system's ability to be connected to the bank's branch network and, most importantly, its proven implementation record across a number of other sites in the region.
VTB uses two disparate back-office systems across its branch network. Misys Trade innovation has already been interfaced with the system in the Head office and will be shortly integrated with back-office systems in branches thanks to its interfacing tools and capabilities. As a result, documentary transactions will be automatically processed in the head office as well as throughout all regional branches involved in trade finance business. Additionally, the system's extensive customisation tools allowed the bank to tune it in accordance with the Russian Central Bank's requirements without additional development work by the supplier.
Natalia Fedorova, Director of Trade Finance & Currency Control Department of VTB comments, "A smooth and efficient implementation of the trade finance automation solution was crucial for us in improving our customer service and increasing our trade business. We take pride in our personal and tailor made customer service in the trade finance area and Trade Innovation was consconsidered to be the only solution that could provide us with the tools to maintain and further improve that. The skilled professional services team from Misys worked alongside our own in-house specialists to make the implementation a success. We now look forward to continuing to receive this high level of support from the supplier so that we can deliver the results our customers expect."
Theo Simons, Regional Sales Manager CIS, Misys Banking, adds, "The go-live of Trade Innovation in VTB is yet another proof of its capabilities to increase efficiency and help banks deliver better service to their clients. The success of Trade Innovation's implementation is due to its flexibility and the strength of the professional services team working alongside VTB. Through our proven track record and our world-class solution in this market, VTB will be able to continually innovate, improve operational performance and deliver value to their trade finance customers."