Bank of India rolls out Misys Midas Plus core banking system across three continents to manage its global network of branches centrally
London & Singapore, 30th May, 2006 – Misys Banking Systems announces today that Bank of India (BOI) has rolled out Misys Midas Plus for its 16 international branch banking operations. This is the first time that a bank has rolled out a packaged core banking system across three continents managing processes from a single hub.
Centering its operations in Singapore, BOI has implemented Misys Midas Plus with Global Processing across 16 branches and seven time zones, covering its operations in the US, UK, France, Cayman Islands, Singapore, Hong Kong and Japan. The bank’s implementation is the largest and most advanced deployment of any core banking system in the world.
Misys Midas Plus provides BOI with a single, real-time, consolidated view of its worldwide business, with all functionality managed centrally. This includes transaction processing across treasury and capital markets, commercial lending, trade finance, payments and retail services with straight-through processing capabilities. BOI has unified its business practices and global data-mining capabilities across its international operations and business lines by implementing Misys Midas Plus. The solution also gives BOI the ability to have a common core banking system across different geographies running on a centralised infrastructure and single J2EE technology architecture.
Jerry Luckett, product and strategy director, Core Banking, Misys Banking Systems, comments: “The success of this project has been thanks to the visionary IT and executive team at Bank of India. They saw the opportunity to forge ahead of their competition by implementing a core banking system across their network of branches. We are delighted that they have been able to capitalise on this opportunity by using our market-leading global processing banking system. The successful and rapid implementation of the project is a true reflection of the strong teamwork and partnership between Misys and the bank.”
BOI has completed the 16 branch rollout in record time. Mr. D. Krishnamurthy, General Manager of Information Technology at Bank of India, comments, “We are very pleased with the progress of the implementation of Misys Midas Plus with Global Processing. Misys Midas Plus represents the most advanced banking application in the market today and the excellent teamwork with our own project teams and extensive support from Misys has meant an extremely fast roll-out. We are delighted with the successful live system we now have and we look forward to continuing our partnership with Misys further in the future.”
Jerry Luckett adds, “Misys is the only vendor that provides a credible answer to banks’ Global Processing needs. We back up our world-class solution with a global implementation capability that no other core vendor can match. Misys Midas Plus reinforces our position as the preferred and most trusted banking vendor in international markets.”
For further press information, please contact:
Edward Taylor
Global Head of Public Relations
edward.taylor@misys.com
Global Head of Public Relations
edward.taylor@misys.com
About Bank of India
Bank of India, founded on 7th September, 1906 is celebrating is centenary this year.
The Bank has over 2,600 branches in India and 23 branches abroad. The international business accounts for about 20% of the Bank's total business. Bank of India was the first Indian Bank to open a branch outside the country, at London, in 1946, and also the first to open a branch in Europe, Paris in 1974.
While firmly adhering to the policy of prudence and caution, the Bank has been in the forefront of introducing various innovative services and systems. Business has been conducted with the successful blend of traditional values and ethics and the most modern infrastructure.
Net profit up for the year ended March 2006 stood at USD156 million with a global business mix of USD3,569 million.
About Misys Banking Systems
Misys 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 2,600 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 plc
Misys plc (FTSE: MSY), 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 about 7,800 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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