Misys Banking Systems has announced that Fortis has signed a deal to deploy Misys MidasPlus with Global Processing across its worldwide operations. The project will see Misys MidasPlus implemented worldwide across the bank’s commercial and merchant banking operations.
Misys MidasPlus with Global Processing will form the foundation of the bank’s solution architecture over the entire corporate banking business, replacing the mainframe applications already in use at the bank’s four largest worldwide operations. Misys MidasPlus will provide a common infrastructure that will allow the bank to leverage the synergies between its commercial and merchant banking units.
The new architecture will also include commercial lending, syndication, project finance and financial messaging, provided by Misys Loan IQ and Misys Message Manager respectively. Fortis will continue its expansion by opening a further 15 offices in new locations worldwide.
Herman Verwilst, Chief Operating Officer at Fortis, said, “This deal is of great importance to Fortis. We have put in place an ambitious strategy for accelerated growth while strictly controlling costs. Last week we revealed our detailed strategic plans to the market. Fortis is developing a European infrastructure in several domains to increase the service to its customers. As a part of this strategy Fortis is integrating its support services across borders and businesses.”
Alain Deschnes, CIO at Fortis, also says, “After having started an overall group architecture study codenamed Cityplan, we came to the conclusion that Misys MidasPlus, in combination with Misys’ overall banking product strategy, provided us with a sound platform for our future.”
Clive Pedder, CEO of Wholesale Banking at Misys Banking Systems, adds, “The management of cash accounts and working capital is the cornerstone of corporate banking, upon which all other core banking products and services are built. Although many banks are thinking in the direction of a global core banking platform for corporate cash accounts, Fortis is leading the way in taking this to the next stage. We are delighted that Fortis is using Misys as a trusted advisor for such a key growth strategy, and look forward to working with the bank in the future.”