Commerzbank extends long-standing relationship with Misys Banking Systems with upgrade to latest risk management solution
17th August 2006 - Misys Banking Systems, a global leader in banking software and solutions, announces today that Commerzbank has upgraded to the latest version of Misys Risk Vision to gather and analyse the bank's local and global exposure to risk across its entire business.
For the last six years, Commerzbank has relied on the technology from Misys Banking Systems to provide it with a consolidated view of the risk it was bearing.
Frank Müller, Senior Vice President, Commerzbank, comments, "We are pleased to extend our relationship with our partner, Misys Banking Systems. The good performance of Risk Vision will be enhanced still further with the upgrade to Misys Risk Vision 5.4, allowing us to maintain our competitive edge and providing us with a good return on our investment. We will use it also for our new subsidiary Eurohypo to get a consolidated view of our activities in trading and investment banking."
There are over 900 people using Misys Risk Vision at Commerzbank, 600 of whom are directly involved in trading, based in London, Frankfurt, New York and Singapore. These traders have to make rapid decisions on the risks associated with each transaction they make before the deal is executed. The upgrade to Misys Risk Vision 5.4 has extended the flexibility of intra-day PFE calculations by introducing the use of 'Product-Sub Types', enhancing the view of exposure to the executive team at Commerzbank.
James Cheesewright, Chief Operating Officer, Core Banking, Misys Banking Systems, comments, "We have enjoyed supporting the team at Commerzbank for many years. While we have stopped major development of the Risk Vision products, this announcement reflects the robustness of the product and I am delighted that the bank has shown its confidence in both our technology and our support professionals. We look forward to continuing the relationship with Commerzbank and our other clients into the future."
About CommerzbankSince taking over Eurohypo, Europe's largest institution specializing in financing real-estate and public-sector projects, on March 31, 2006, Commerzbank has been Germany's second-largest bank and one of the leading banks in Europe. It sees itself as an efficient provider of financial services for private customers and small to medium-sized companies (Mittelstand). At the same time, it serves numerous major corporates and institutions in Europe and multinationals worldwide. Its declared aim is to expand its market share in each of these core target groups and to be the best bank for German Mittelstand firms in particular.
Commerzbank is unreservedly committed to its home market, Germany, where it maintains a nationwide network of some 800 branches. In corporate business, Western, Central and Eastern Europe also count as core markets. In the US and in Asia, the Bank is active in the leading business centres. All told, it is represented with outlets of its own in more than 40 countries.
About Misys Banking SystemsMisys Banking Systems supplies over 1,200 customers in over 120 countries, among them 49 of the world's top 50 banks, with software and solutions for retail banking, wholesale banking, treasury and capital markets and risk management. It has 2,500 people around the world, over 70% of whom are outside of the United Kingdom, and sales, implementation and customer support teams in over 28 countries. Misys Banking Systems is part of Misys plc.
About Misys plcMisys plc (FTSE: MSY.L), the global software company, is one of the world's largest and longest-established providers of industry-specific software. Founded in 1979, Misys serves the international banking and healthcare industries, combining technological expertise with in-depth understanding of customers' markets and operational needs. In banking Misys is a market leader with over 1,200 customers, including 49 of the world's top 50 banks. In healthcare Misys is also a market leader, serving more than 110,000 physicians in 18,000 practice locations, 1,200 hospitals and 600 home care providers. Through Sesame, a wholly-owned subsidiary, the company is also a leading provider of support services to financial advisers in the UK. Misys employs around 6,000 people who serve customers in more than 120 countries. For more information, visit
www.misys.com
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