Misys (FTSE: MSY.L), the global application software and services company, today announces that Piraeus Bank, the Athens-based universal bank, has licensed Misys BankFusion Equation as the technology platform to underpin its expansion plans.
Misys Equation has added value to Piraeus Bank's operations for many years across its domestic and selected international branches, using Equation to run the bank's operations across 343 branches in Greece and 220 branches in three of its international subsidiaries. Piraeus went live with Equation 3.9 in its Albanian operations in 2008 and Romanian business in 2009. The implementations were an important part of the bank's growth strategy and has helped Piraeus to continue to achieve its business ambitions, as it continues to expand in South-Eastern Europe and the Eastern Mediterranean markets. Its future growth objectives in its domestic and international operations will be accelerated by BankFusion Equation.
In this latest release of the solution, Equation has been re-architected into an SOA environment using Misys' revolutionary BankFusionTM platform. Misys BankFusion Equation delivers Java (J2EE) re-usable components to Piraeus and gives it improved security and risk management capabilities and the flexibility to scale the business rapidly. BankFusion Equation automatically generates the system's Java code, significantly reducing manual input and errors and accelerating solution modifications.
"It is imperative that we move faster than our competition," states Janis Delis, DGM - Operations Technology and Organisation, Piraeus Bank. "Our investment in Misys and its BankFusion Equation solution is critical in our desire to maintain our competitive edge as we continue to expand and to be agile and innovative for our customers. The revolutionary technology in BankFusion Equation will allow us to launch innovative new products and services quickly that would normally take months of development with other core banking systems and seamlessly integrate best of breed solutions. We look forward to continuing to receive the support we have received over the fruitful relationship we have had with Misys, and to strengthening our position in retail ail banking and enterprise financing still further."
Guy Warren, EVP and General Manager, Banking, Misys states, "The management team at Piraeus has chosen to invest in Misys, our BankFusion strategy and the future roadmap of the solution. This will give them a unique ability to tailor their business processes to the exact requirements of the organisation, without having to replace the existing underlying technology, and enable them to stay ahead of the competition."