Misys Wholesale Banking Systems says that the State Bank of India has gone live with its Midas and Trade Innovation products in its Singapore operations.
The new systems are intended to help the bank to meet the new SAS 33 accounting requirements and automate reporting to the Monetary Authority of Singapore. They also aim to strengthen internal controls and enable the bank to meet compliance demands.
State Bank of India selected the joint Midas and Trade innovation solution from Misys after a comprehensive evaluation process against a rival supplier, says the London-based IT company. “The integration between the two systems gives the bank a more consolidated view of all transactions, facilitating better risk management,” explains Misys. “Furthermore, by offering common SWIFT message routing and delivery, Midas and Trade Innovation will eliminate duplication while ensuring accuracy and control.”
Midas will provide State Bank of India with support for its corporate banking business in Singapore. As well as delivering a centralised point for settlement, accounting and network interfacing, Midas enables the bank to gain a complete view of its business for MIS, risk control and regulatory reporting.
Trade Innovation gives the bank workflow management and e-commerce capabilities in a single, integrated environment. Designed to meet the demands of banks throughout the world, the software includes import / export letters of credit, documentary and clean collection, payments services, shipping guarantees and airway bill release.
Trade Innovation deals with a multitude of local variations, incorporating a host of specific regional requirements such as import and export license control.
“The reputation of Misys for delivering proven solutions is very strong, and we believe that together Midas and Trade Innovation are ideally suited to meet the new regulatory requirements we are facing here in Singapore,” says Mrs. Padma Ramasubban, Chief Executive Officer of State Bank of India, Singapore Branch.
Louis Niven, Singapore Branch Manager, Misys Wholesale Banking Systems, added: “Market practices around the world evolve every day, and banks need strong and reliable systems that will help them adapt to these changes. We are delighted to be working with State Bank of India on this project, which enables the bank to manage the intricacies of the ever evolving regulatory and banking requirements more effectively.”