Latvia's Mortgage and Land Bank upgrades Misys Equation
State-owned JSC Latvijas Hipoteku Un Zemes Banka (Mortgage and Land Bank of Latvia), the only state-owned bank in Latvia, has announced its intention to upgrade its core banking system, Misys Equation, to take advantage of new features and functions available in this new release of the software, in a move that will let the bank launch new products and services before its competitors.
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The Riga-based bank, has agreed to become a beta test site for the software so that the bank will upgrade to the new version first in Latvia. Hipoteku Bank is already using Misys Equation 3.42 for its lending business, but will be the first bank in the world to go live with lending on Misys Equation 3.8 with all the opportunities that brings.
Misys has been working with the Mortgage and Land Bank of Latvia on the upgrade since February and has successfully completed the first phase of the beta test.
"We're delighted that this beta testing project has been working so well and with the full commitment of Misys," says Gatis Graubins (Project Manager) of Mortgage and Land Bank of Latvia. "The past few months have been a very positive experience, supported by a Misys Professional Services onsite team as well as a dedicated beta-test support team, and all of our team staff, to making Misys Equation 3.8 work well for ourselves and our customers. We will be the first bank in the world to go live with Misys Equation 3.8 with lending and this obviously gives us a competitive advantage here in Latvia."