Misys (FTSE: MSY.L), the global application software and services company, today announces that Caixa Banco De Investimento has selected Misys BankFusion Midas as its core banking system to underpin its growth plans.
As an existing Midas customer, the upgrade to BankFusion Midas will enable the bank to take advantage of the latest technology in banking, extend functionality and bring products faster to market for its customers.
Caixa Banco de Investimento (Caixa BI) is the investment banking arm of Group Caixa Geral de Depositos, SA ("Group CGD"), the biggest Portuguese banking group. Caixa BI's mission is to offer a full range of investment banking services to its clients in Spain, Brazil, and Portugal by offering a global and integrated financial service to clients. The BankFusion Midas solution will be rapidly installed at its head office in Lisbon.
The bank wanted the lowest risk upgrade path to the most modern platform available. It looked at a number of providers and decided that the Misys BankFusion platform offered the quickest path to meet its needs. Caixa BI will be using the BankFusion platform to support all the activities of the investment bank, including syndicated lending, accounting, back-office operations, payments and messaging. The new solution will enable the bank to generate new workflow processes and externalise business rules which will allow them to launch new products more easily.
"We were keen to install the best possible core banking solution that would provide us with a platform that we anticipate will make managing our existing business easier and help us achieve growth," comments Antonio Bastos Martins, Executive Board Director, Caixa BI. "We were very impressed with the innovative approach that Misys has taken with BankFusion. Most significantly, we expect it will enable Caixa BI to adapt its processes to reflect the requirements of the business and bring out products more quickly. We see this as a platform which can support the future growth of the business."
BankFusion allows business staff to understand how their requirements are implemented across the solution, enabling new products to be delivered more quickly and cost-effectively and helping to bridge the gap between Business and IT. In addition, it automatically generates the system's Java code, significantly reducing manual input and errors, whilst accelerating solution modifications.
"Caixa BI is now able to 'process-enable' its existing architecture and extend the functionality of Midas so that it can bring products to its customers more effectively and more quickly," states Dermot Briody, Regional Sales Director, Europe for Misys. "Rather than go through a costly and high-risk replacement of a core banking system, forward-looking banks like Caixa BI are choosing an incremental approach to getting their existing systems to work harder for their business needs. BankFusion allows Caixa BI to re-engineer processes more simply, enabling it to localise the solution for both its domestic Portuguese and international businesses. This is a very significant win for Misys because it underlines how Misys BankFusion Midas is the best upgrade path for Midas clients to give them the flexibility for the future and maintain their competitive edge."
The bank has also selected Misys Almonde to help with its regulatory requirements. Almonde will provide Caixa BI with a compliance and reporting platform covering the key areas of Basel II reporting, risk management and local reporting. Misys Almonde provides the ability to analyse risks and profitability, and supports strategic decision making. Through sophisticated scenario and stress tests, the user gains a much clearer insight into their business. The integrated platform enables financial institutions to manage the entire process from data import, analytics and calculations, to four-dimensional viewing and reporting.