Misys Wholesale Banking Systems has won a global deal with the Industrial and Commercial Bank of China (ICBC), the major bank based in Beijing . The contract, for both Midas and Trade Innovation products, licenses the bank to run up to 15 international branches from a single Overseas Data Center hub, enabling them to benefit from increased operational efficiency and lower costs.
ICBC’s new branch in Macau is the first to go live on the global hub. The implementation was completed in an aggressive ten-week timeframe to support the branch’s grand opening in May. Implementation has now begun across branches in Singapore , Tokyo , Seoul and Hong Kong .
The joint Midas and Trade Innovation solution was selected after a thorough evaluation process against a rival supplier. Three different groups at ICBC took part in the review, with criteria focusing on functionality, product development capabilities and future-proof technology. During an in-depth workshop in Zhuhai, the Misys solution architecture proved superior to its competitor as it demonstrated the high level of flexibility required by ICBC to sustain upcoming developments and support future direction.
Running all international branches, the Midas and Trade Innovation software will operate from a sophisticated hub in Shenzhen, Southern China . Licensing one standard version of the software to run from a single centre will result in a major cost reduction. The consolidated hub will also give the bank greater control as customer information will be centralised for risk management purposes and it will be easier to manage regulatory and
business change. Specific local requirements are also supported through the Midas hubbing environment which caters for different end of day run times/holiday calendars and enables branches to tailor their service to local needs.
Midas will provide ICBC with comprehensive support for its corporate banking business. As well as delivering a centralised point for settlement, accounting and network interfacing, the bank will gain a complete view of its business for MIS, risk control and regulatory reporting.
Trade Innovation will provide the bank with advanced workflow management in a single, integrated environment. The system supports a range of business applications including traditional letters of credit and collections, open account and associated payment and lending services. A host of regional requirements cater for both single site set-ups and global installations.
Andrew White, CEO of Misys Wholesale Banking Systems, comments: “This global hubbing agreement with ICBC demonstrates the strength of the Misys solution in international branch operations. The flexibility of the Midas architecture means the bank’s customers will get the best of both worlds – customer care from the local branch combined with a centre of excellence to provide for all their complex requirements.”