Misys, the application software and services company, says that Standard Bank of South Africa has become the first bank to implement its BankFusion Universal Banking application. The South African bank will use it to run a broad range of financial services it offers to its corporate and consumer customers.
Misys BankFusion Universal Banking will be implemented in Standard Bank’s Zimbabwe operations, enabling the bank to improve operational efficiency at the same time as providing a total view of all accounts and interactions it has with its customers. Critically, says Misys, the bank is able to create new products without the need for complex, time consuming and costly programming, thereby ensuring that the bank can bring new products to market rapidly.
“This is a huge milestone for us as we welcome Standard Bank as the first customer to implement our exceptional universal banking solution,” says Guy Warren, EVP and General Manager, Misys Banking. “We have shown the solution to many of our other customers as well as independent market commentators with tremendous feedback. For the first time business managers can engage with their IT colleagues, focusing on the business, rather than the technology. This pure Java SOA-enabled universal banking solution is set to change the face of customer-centric banking.”
Misys BankFusion Universal Banking has been developed with a broad range of functional components, such as general ledger, Current and Savings Accounts, Consumer Lending, Payments, Limits, multi-currency capabilities and many others. Users are therefore able to deliver products much faster and it improves product lifecycle management.
Standard Bank Africa provides a range of products and services in its three divisions: Personal & Business Banking, which services individuals and small and medium-sized businesses in Africa; Corporate & Investment Banking, which provides commercial and investment banking services to larger corporates, financial institutions, international counterparties in South Africa and other emerging markets; Investment Management & Life Insurance, providing life assurance and wealth management products through Liberty Life and Standlib.