Following the signing of a new five-year partnership deal with S1, Misys Wholesale Banking Systems has launched Misys eServices Platform, a J2EE-based multi-channel solution for wholesale banks.
Under the Misys eServices Platform umbrella, Misys is offering a range of components that will include cash management solutions for corporates and SME/personal (which will be launched as ‘Corporate Edition’ and ‘Personal Edition’ respectively) and a trade finance front-end to be known as ‘Trade Edition’. These components will allow Misys to replace their existing e-banking products with a single, integrated multi-channel solution.
Cash management functionality is provided within a multilingual and multi-currency framework, and delivers real-time data on account balances and transactions as well as straight-through processing (STP) on payments such as Swift. Trade finance capabilities allow international banks to deliver one integrated system to create and report on trade documents, from purchase order and letter of credit to direct collections.
The new components will offer existing Misys customers enhanced capabilities and integration to a thin-client, multi-channel architecture. To enable them to lower their implementation risk and time to market, Misys will provide defined and proven migration programmes, using pre-built tools and processes that will allow easy migration from their existing Misys e-banking solutions.
Jerry Luckett, director of product and strategy, Misys Wholesale Banking Systems, says: “Market analysis conducted by Misys had shown front-office to be a key growth area, and an area that many wholesale banks have found difficult to address. Misys eServices Platform allows us to offer both new and existing customers an easy to integrate, multi-channel front-end solution that meets all their multi-channel and customer service needs.”
The Misys eServices Platform has over 10 years of banking experience and expertise at its core, and has been proven in over 100 customer sites worldwide. It offers cost-effective customer service, consolidated data views across multiple hosts, STP, and an integrated personal, business & corporate offering for cash management and trade finance.
Misys and S1 Corporation have also announced a five-year distribution agreement. Misys will distribute and implement S1’s Enterprise retail, cash management and trade finance solutions throughout Europe, Africa, Middle East and Asia.
The agreement gives Misys the distribution rights to the S1 Corporate Banking, S1 Personal Banking and S1 Trade Finance applications integrated on the S1 Enterprise Platform. This unique integrated platform will provide Misys with a single environment in which to build a cohesive range of multi-channel solutions for wholesale banks. Propositions to banks will include superior web-based cash management solutions and trade finance capabilities that will enable them to better serve their corporate and SME/personal customers.
Misys will provide appropriate migration paths for each of its existing e-banking products, as well as packaged interfaces from core Misys systems (such as Midas and Trade Innovation) to the S1 Enterprise solutions. Customers will benefit from a single, J2EE-based multi-channel solution that will increase revenue opportunities, reduce operational costs and improve customer retention.
For S1, one of the leading suppliers of integrated front-end solutions for financial institutions, the relationship is an opportunity to extend its worldwide distribution channels and leverage Misys’ established services capabilities. The combined expertise of these two organisations will provide their customers with a single source for all their global front and back-office needs.
Jerry Luckett, director of product and strategy at Misys Wholesale Banking Systems, believes that the agreement is representative of current market trends: “As R&D budgets continue to rise, there is an implicit need for software vendors to consolidate their core skills. At the same time, the increasing globalisation of banks’ customer bases creates a need to build more customer-aware solutions. This agreement demonstrates the commitment of both Misys and S1 to provide customers with the most functionally rich multi-channel solutions available.”
Jaime Ellertson, chief executive officer, S1 Corporation, says: “This strategic relationship gives us validation, from one of the world’s premier financial software providers, that our integrated multi-channel applications are the solution of choice for the global market. With Misys’ extensive sales and services infrastructure, S1 is able to triple its global presence overnight.”
Ivan Martin, chief executive, Misys Banking & Securities Division, said: “Our agreement with S1 represents an exciting step forward for Misys. We identified the front-office space as a key growth area for banking. S1 will enable us to capitalise on this growth opportunity by instantly delivering a suite of fully integrated, multi-channel solutions. With our complementary technology strategies and geographical cover, I believe that this relationship will produce a world-beating combination.