Misys Wholesale Banking Systems (Misys) has announced that First Hawaiian Bank, the oldest financial institution in Hawaii, have selected Misys’ Trade Innovation solution to provide comprehensive operational and workflow management for its trade finance operations in Honolulu.
With the supplier of their previous trade finance system no longer in business, the inherent customer service and operational risk that this presented prompted First Hawaiian Bank to source an alternative solution. The bank commenced their systems evaluation in 2003, and after an extensive review of applicable systems chose Trade Innovation, which was already being used by the bank’s sister company Bank of the West.
Richard Chun-Hoon, vice-president and manager, and responsible for trade finance services at the bank, comments: “Our selection of Trade Innovation was the result of a thorough investigation and comparison of trade finance solutions available on the market. The conclusion was that Trade Innovation and Misys represented the optimal solution for First Hawaiian Bank.”
He continues: “Both Trade Innovation and Misys were known quantities in the bank due to their existing relationship with Bank of the West. We felt it would be valuable for First Hawaiian Bank to leverage the experience already gained through this relationship. The product’s comprehensive functionality will allow us to fulfil our main objectives of managing our risk, streamlining processes and offering improved levels of service to our customers.”
Steve Anderson, business development manager for Trade Innovation in the Americas at Misys, comments, “The sale marks the end of another successful year for Trade Innovation, in which the solution has seen 24 new customers signed. We are delighted to be working with First Hawaiian Bank to manage their trade finance operations, and look forward to a successful roll-out of the solution towards the year-end.”€