LONDON, October 9 /PRNewswire/ -- Indian Overseas Bank in Singapore has selected integrated core banking solution, Misys Midas Plus, to introduce new products and client services to support business expansion, deliver new levels of customer satisfaction and improve operational performance while enabling market leading international standards in accounting and regulatory compliance & controls.
Indian Overseas Bank was the first India based bank to commence operations in Singapore more than 60 years ago and provides a comprehensive range of banking services; specialising in retail banking, trade finance and a wide range of remittance facilities to India. The bank will benefit from a market proven suite of fully integrated banking application modules, including Misys Trade Innovation for trade finance, Integrated Finance Manager (IFM) for Internet banking, Cashier for branch teller services and sophisticated capabilities for Watch List Checking and Suspicious Activity Monitoring.
Midas Plus offers the bank "at a glance" single click consolidated customer centric views for managing risk and informed decision making through a highly customisable user interface delivered via web browser. The combination of IBM iSeries and thin client GUI delivers unrivalled system security and flexibility, leveraging use of existing hardware.
"We undertook a comparative review of core banking solutions in the market," comments Narayana Moorthy, CEO of Indian Overseas Bank. "A key consideration in choosing Midas Plus is Misys' unrivalled track record of successful implementations. We felt most confident that the combination of a fully integrated proven Midas Plus solution together with the experienced local Misys team offered the branch a winning combination of a functionally rich, low risk delivery approach to meeting our needs."
Multiple vendors, including Temenos, Infosys and China Systems, were considered during the evaluation and bid process. Misys Midas Plus was selected for its proven capabilities and reliability in core banking processing, powerful liability management, audit controls and the ability to provide the bank with a consolidated view of its customer base. It will also enable the bank to meet fully with MAS requirements for regulatory compliance including AML.
"Our local team of banking consultants worked well with Indian Overseas Bank staff to identify business critical opportunities for improvements in operational effectiveness. The project is already underway and we will deliver an unrivalled depth and breadth with Midas Plus that IOB can leverage to drive substantial improvements across their business", adds Reid Warren, Head of Sales for SE Asia, Misys Banking.
About Misys plc
Misys plc (LSE: MSY.L), provides integrated, comprehensive solutions that deliver significant results to organisations in the financial services and healthcare industries. We maximise value for our customers by combining our deep knowledge of their business with our commitment to their success.
In banking and treasury & capital markets, Misys is a market leader, with over 1,200 customers, including all of the world's top 50 banks. In healthcare, Misys is a market leader, serving more than 110,000 physicians in 18,000 practice locations, 1,200 hospitals and 600 home care providers. Misys employs around 5,500 people who serve customers in more than 120 countries.
We aspire to be the world's best application software and services company, delivering results for the most important industries in the world.
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