Misys PLC, a provider of application software and services for the banking and financial industry, has announced that the National Bank of Abu Dhabi (NBAD) will deploy its commercial lending solution, Misys Loan IQ, for its loan operations.
“The solution proposed by Misys will provide the bank with market-leading functionality that addresses each area of the bank’s requirements from the Structured Finance Team, Credit Management, Risk Control, Accounting and Compliance and Portfolio Management. It will also enable NBAD to capitalise on the unparalleled commercial lending expertise that Misys has gained from working with the top financial institutions worldwide,” said Kevin Hayden, Treasury & Capital Markets Operations Director, Middle East and Africa, Misys.
NBAD, the UAE’s largest bank by market capitalisation, commissioned Misys to suggest a robust and scalable solution for itslending-related back-office operations. Misys Loan IQ currently processes over a third of international syndicated loans and more than a half of the world’s loan trades. Misys Loan IQ is used by leading global financial institutions to automate, optimise and develop their commercial lending business. Loan IQ will help NBAD to streamline workflows, increase loan processing efficiencies and reduce turnaround time.
“The Bank preferred a turnkey product, highly capable of resolving their operational issues, which will be delivered via our Loan IQsystem. Misys Loan IQ is backed by our 18 years of expertise in the lending field and has all the functionality needed to meet complex loan trading transactions.” said Roy Froud, Director, Middle East and Africa, Misys.
“We intend to improve efficiency and customer service provided to corporates and financial institutions that participate in NBAD’ssyndicated lending.” said Nigel Carrington, NBAD’s Divisional Manager of Operations. “Misys Loan IQ will be a key factor in realising this goal.”
Misys Loan IQ covers Origination, Agency Servicing, Loan Trading, Accounting, Portfolio Management, Treasury, Collateral Management, Total Return Swaps, Bilateral Lending, and Reporting. The multi-currency and multi-branch capable solution features a proven scalable technology and provides comprehensive coverage for bilateral loans and highly structured syndicated deals. Loan IQ users have reported cost savings of up to 20 per cent through systems consolidation and reduced headcount.
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