Capmark, a provider of a broad range of financial services to banks and investors in commercial real estate-related assets, has invested in an innovative hosted technology platform from Misys, the global application software and services company, to expand its outsourcing and loan servicing to the general corporate syndicated loan market.
Many analysts are predicting that 2009 will see a surge in outsourcing worldwide and According to Financial Insights, demand for transaction processing outsourcing in Europe will grow by 10% this year as banks focus on core businesses such as payment processing and trade finance, and Capmark hopes to capitalise on this trend by offering middle and back office services to banks and financial institutions.
Misys announced in June 2007 its intention to create software-as-a-service offerings for all its products serving treasury and capital markets, and Capmark will become the first financial institution in Europe to implement a hosted version of Misys Loan IQ, a comprehensive tool that covers the entire life cycle of commercial loans. To strengthen its operations, the firm has licensed modules for full agency servicing across its operations in London, Dublin and Hyderabad.
Robbie Hughes, Managing Director of Capmark Europe commented: "Existing Capmark clients are now interested in a value - added loan agency service to handle their corporate and syndicated loans. The Misys solution together with our existing infrastructure will give us immediate capability to deliver a service which will meet the requirements and challenges faced by the banks. As banks consider solutions to ever increasing back office costs, I think they will find that using a local service provider is more tangible and an immediate solution than retaining such costs or developing another expensive cost base elsewhere. We chose Misys as a strategic partner not only because it has a proven hosted solution with a global presence, but because it also understands the changing requirements of the bank market".
Dermot Briody, Regional Director for Misys in Europe, comments: "The ability to change is a competitive differentiator in market conditions like these and building Misys Loan IQ into the framework of this new service should yield many benefits for Capmark and the new demandsds of our clients. They have a global infrastructure and processes in place and a proven track record of delivering superior loan administrative service. Misys is focused on ensuring quick delivery of this robust hosted solution and to facilitate a working relationship that continues to deliver value services to our customers and our continued business success."