Misys International Banking Systems today announced the signing of a Memorandum of Understanding with SWIFT. Under the terms of the agreement, Misys will work closely with SWIFT to define, develop and market new value added services and products based on SWIFTNet, SWIFT’s advanced IP-based messaging service. The two organisations will also share information regarding trends in the marketplace and in identifying mutual opportunities.
Both SWIFT and Misys have an interest in ensuring that migration to SWIFTNet is delivered successfully and that the associated benefits – such as greater efficiencies and reduced costs – are made available to the whole global financial services community. The adoption of common standards and improved information exchange will help to improve straight through processing, helping banks to enhance customer service and better manage operational risk.
“Misys, as a pre-eminent provider of mission critical back office financial applications, fully endorses the rationale behind the new SWIFTNet services and is committed to investing in products that deliver the benefits of these new services to the SWIFT community and the financial market at large,” said Ivan Martin, CEO of Misys International Banking Systems. “Our immediate joint objective is to ensure the safe migration of our shared communities to SWIFTNet and a rapid and positive take-up of the new messaging service.”
“SWIFT understands the need to work closely with leading vendors of applications to ensure that initiatives created to improve efficiency and interoperability are both viable and practical, and achieve acceptance by a critical mass of users as quickly as possible,” said Charles Bryant, Head of the Banking Industry Division at SWIFT.