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French state agency Oseo selects Misys Summit FT

13 May 2009  |  2287 views  |  0 Source: Misys

Misys (FTSE: MSY.L), the global application software and services company, today announced that Oseo, the French state-backed company that provides financial support to small and medium sized businesses, has selected Misys to support its entire treasury business.

Misys Summit FT has been chosen to deliver full front-to-back office cross asset coverage and deliver a robust risk management solution to the organisation.

Misys Summit FT was chosen by OSEO to support all treasury activity including trade capture, pricing, collateral management, risk management and back office accounting operations across its traded instruments including interest rates, equity, foreign exchange, listed & OTC derivatives as well as money market and fixed income instruments.

OSEO, which has offices throughout France, had previously been using a number of different systems throughout its treasury function and required a treasury processing system that would address its capacity and legacy system issues. OSEO wanted to streamline its systems into one solution to improve its ability to manage cross asset activity and improve operational risk management.

OSEO, which was born in 2005 out of the merger between ANVAR and BDPME¹, is a state-backed organisation whose mission is to support small and medium sized businesses in securing finance. OSEO will implement Misys Summit FT, a best of breed treasury and capital markets solution, to cope with the transactions, which are often significant in terms of value size from front-to-back office, whilst ensuring that strong risk management is also in place at a time of increased regulatory scrutiny.

The importance of the role of OSEO in the French economy was demonstrated by the recent announcement from the French government of a €10 billion investment in OSEO to help keep finance flowing through the economy and businesses surviving.

Xavier de Broca, CIO at OSEO, comments: "It has been recognised from the very top of French Government that providing financing to small and medium sized businesses is crucial to keep the economy moving. In order to play an even more significant role in French financing, we were keen to adopt the very best available solution for the management of our financial operations. OSEO chose Misys based on its track record in the French market and abroad and the quality of its support services team who will work specifically with us on the implementation of Misys Summit FT."

Dan Cohen, Global Solutions Manager for Misys Summit FT comments: "Misys Summit is the leading cross-asset solution for financial institutions. Misys has been appointed to implement the Summit software based on our superior solution and history of successful implementations and customer relationships. This is a very significant announcement for Misys, demonstrating the power that our solutions can bring to organisations focussed on helping companies and economies survive the current economic uncertainty."

Misys Solutions for Treasury & Capital Markets has 19 years of experience and unrivalled software development expertise. It creates integrated, comprehensive solutions for financial institutions to manage their capital market activities across multiple asset classes.

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