Misys Banking Systems, and IBS, a Russian IT and consulting company, have signed a Strategic Relationship Agreement.
Under the agreement, the companies will combine their efforts and resources to promote Misys Equation, a core banking system developed by Misys, in Russia’s banking market. Misys Equation is a multi-currency, multi-lingual retail banking system that supports all areas and delivery channels of a bank’s operation from a single automation platform.
The agreement opens up new opportunities for Russian banks by giving them access to a resource pool for implementing comprehensive IT projects. “We are not just widening our product implementation team, we are combining Misys’ unrivalled experience in developing advanced solutions and our knowledge of best practices in re-engineering corporate processes in financial institutions together with the industry expertise of IBS and its strong experience in implementing and managing complex projects,” said Guy Harris, Sales Director, member of the Board of Misys Retail Banking.
The decision to set up this relationship between the two companies was taken in response to domestic banks’ increased demand for specialised IT solutions. With the increase in competition, the growth in the retail banking sector and the increasing M&A activity in Russia, – domestic market players need powerful data processing systems capable of supporting the bank’s long-term, sustainable growth and contributing to maintaining its competitive edge, for example, by enhancing customer experience. When Russia joins the WTO in the near future, Russian banks will need to comply with international business standards, a standard that is not always met by existing information systems.