Misys Banking Systems today announced that Honda Bank GmbH Germany has chosen its core banking system, Misys Equation, to help it enter the German savings and deposits market.
Honda Bank, which will enhance its product portfolio later this year, conducted an extensive evaluation process before deciding that the core banking system from Misys was the best solution available.
Honda, in common with most of the other great car companies has seen extraordinary growth in demand for consumer finance over recent years. To maximise the support for Honda's sales activities, the company elected to apply for a banking licence in Germany and set up a full suite of consumer and dealer financial services. Honda Bank will benefit from the experience that Misys Banking Systems has built with more than 35 customers already in the German market. This gives Honda Bank the necessary reassurance for its investment and the ability to extend its offering to customers.
Hubert W. Benger, Chief Representative and member of the Management Board of Honda Bank, explains: "We spent a long time evaluating all possible solutions, and what was key for us was that any partner needed to understand the market we operate in and be able to demonstrate that its product complied with German banking regulations. The solution Misys put forward convinced us that they understood these pressures and that they were best equipped to deal with them.
Honda Bank cited Misys Banking Systems extensive project experience, stemming from the many core banking implementations it has undertaken in Germany, as key to the success of the deal. Critical also was its understanding of both German and International banking requirements (e.g. HGB, US-GAAP and IAS accounting).
Claus Schünemann, retail banking area manager for Western Europe, Misys Banking Systems, says: "We are delighted that Honda Bank has put its trust in us as we have made significant investment in the development of Misys Equation in Germany. As a retail banking customer with a strong focus on innovation, Honda Bank's recognition of this investment is yet another endorsement from the banking industry."
Misys Banking Systems German office is located in Frankfurt at the heart of Germany's financial centre.