Core Banking Systems Renovation Critical to Banks' Future Success
LONDON, October 9, 2012 /PRNewswire/ --
Investment in BankFusion ensures Misys continues to gain customers who take a continuous migration, low-risk approach to renovating their core systems
Misys is seeing significant momentum in the take-up of its BankFusion core banking solutions amongst its customers across the globe. There are more than 50 banks which have decided to renovate their existing systems using Misys BankFusion instead of the higher risk path of ripping them out and replacing them with another.
With the financial services industry going through unprecedented change, banks are keen to adopt new regulatory measures at a faster pace, while minimising risk exposure, reducing cost/income ratios and rebuilding capital structure. Since BankFusion's launch in 2010, 54 banks including Co-operative Bank of Kenya, National Bank of Kenya and most recently Awash International Bank, have licensed BankFusion productsand 17 havealready gone live. BankFusion allows banks to take incremental steps to reach a radical new state, at minimal risk, so that they can meet the challenges of the industry head on.
"Changing a core system is a painful and difficult process," states Bart Narter, Research Director, Celent. "Ripping out and replacing a mission-critical core banking system is not only very costly, but it can dramatically increase risks. Banks have to find a way of extending the use of their existing systems and at the same time enhancing them. BankFusion is a viable option for them to succeed in that goal."
Bret Bolin, CEO of Misys, adds, "The risks associated with replacing a core banking system are considerable and the cost of failure is high. It is no surprise that banks' CEOs and CIOs will only reluctantly replace core banking systems. Our customers have taught us that we need to deliver solutions that support them whatever journey and pace of change they decide is right for them. The key is to ensure that together we enable them to follow a low-risk 'continuous migration' approach to system renovation to continue to improve their businesses.With the continued investment in our products and the high quality standards we achieve, we are committed to partnering with our customers to help them make significant improvements to their operations."
BankFusion enables banks to grow their business and respond to changing market conditions at minimal risk and at a low total cost of IT ownership. The flexible architecture within BankFusion offers financial services organisations the ability to adapt to changing market conditions and customer demands more quickly than other systems. Based on service-oriented technology, Misys BankFusion solutions support rapid product development, compliance and enhanced customer service out of the box or configured to the precise needs of the organisation.
Misys is at the forefront of the financial software industry, providing the broadest portfolio of banking, treasury, trading and risk solutions available on the market. With 1,800 customers in 120 countries our team of domain experts and partners have an unparalleled ability to address industry requirements at both a global and local level.
Misys was formed by the merger of Misys with Turaz, which includes the award-winning Kondor+ product line. Combined they are able to address all customer requirements across both the banking and trading book businesses. Misys is the trusted partner that financial services organisations turn to for help solving their most complex problems.
Find out more at http://www.misys.com
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Global Head of Public Relations