- SIBOS, Atlanta, US, Stand EO96 -
Dubai 10th October - Misys Retail Banking today announced its forward strategy which includes a series of new product developments, partnerships and acquisitions. At the heart of the Misys strategy is the creation of a new banking software architecture - Equation Plus - that has been designed to help banks respond to the shifting boundaries between retailing and banking. Misys is also extending its ability to meet the needs of smaller ambitious banks and off-shore institutions with the acquisition of IDOM UK to create Bankmaster Plus, the only banking technology designed specifically for this sector.
Explaining the rationale behind the new Misys strategy, Andrew Derrer, CEO of Misys Retail Banking says: "Today's consumers demand more from their financial providers. Banks of all sizes have to adapt to a very different market where customers expect more sophisticated products from more channels in more ways. The only way banks can succeed is by either cutting costs and competing on price, or, more profitably, by out-retailing their competition as well as out-banking them. Banks need to have the right architecture in order to make this move. Equation Plus streamlines commodity services, delivers every product through every channel, enables the bank to truly understand its customer and still provides room for innovative, differentiated new services."
With 450 customers on five continents, Misys Retail Banking has used its extensive knowledge in retail banking to develop a strategy and product platform that will continue to support existing customers, but which, critically, allows both existing and new customers to evolve and prepare for the future. Design criteria included:
Lowering the cost of IT infrastructure
Creating opportunities for banks to drive profitable differentiation without costly bespoke work
Addressing compliance issues across the bank rather through a series of tactical initiatives
-Ends-
About Equation Plus
Equation Plus is a multi-layered, multi-channel architecture founded on the migration of Equation (already used by over 200 banks across the world), to a new, standards-based open Java platform. It can substantially cut IT operating costs by:
Providing more vendor choice on hardware and operating systems
Making integration projects faster, easier and therefore cheaper
Giving access to a far wider skills pool
Fitting in with the long term strategic intent of the vast majority of the world's banks.
With no end-of-day, real-time analytics and all-the-time banking, Equation Plus enables the bank to have a single view of each customer, and vice versa, providing sophisticated relationship management both for sales and service, and for market analytics. These facilities are delivered through the pre-integrated Misys Enterprise Platform, powered by software from S1 Corporation. S1 and Misys announced an agreement under which Misys will distribute and implement S1's Enterprise front-office solutions throughout Europe, Africa, Middle East and Asia.
In addition to the full suite of banking services and strong analytics, the Equation Plus architecture also introduces a whole new layer - Business Process Management. This enables banks to create new, uniquely differentiated products and services and fully automate them, thus providing an error-free, low-cost competitive edge. For the first time, a bank can implement a packaged solution that enables the development of unique, fully automated services without expensive and limiting custom development work.
The business process layer also includes a Rules Engine. This enables the bank to build up a portfolio of rules for complex decision-making and reporting, for example compliance or credit scoring. By tackling such complex issues through a single set of rules, the bank can handle changes quickly and cheaply, providing a long-term strategy for compliance in place of a series of expensive fixes.
Equation Plus Migration Path and Partners
The Misys Multi-channel and Relationship Management tools will be fully pre-integrated with Equation and released Q1 2005. Equation Plus, the 100% Java system, integrated with Multi-channel, CRM and with no end-of-day run will be shipped to customers during 2005. The business process and rules engine components will be released shortly afterwards.
Equation users will be able to stick with their current systems and add the Multi-channel and Relationship Management Platform this year if required. Equation users wishing to move over to open, multi-platform Java-based Equation Plus will be able to do so at any time from the end of 2005 with no data migration and no changes to business processes. In addition to running on an IBM iSeries, Equation plus will also run on open Unix systems using a choice of DB2 or Oracle 10g database technology.
"Equation Plus capitalises on the economic benefits of true open systems and on the solid foundation of Oracle 10g. Proven as the platform of choice for many of the world's mission-critical banking systems, Oracle 10g provides outstanding levels of scalability, availability and security", said Andy Sutton, Vice President Financial Services at Oracle UK.
"As Misys Retail Banking continues to develop Equation to address its customers' core business needs with modern technologies, IBM has invested further in the eServer iSeries to provide the natural platform for Misys customers to invest in for their future. IBM eServer i5 and i5/OS truly allows customers to combine applications and data from OS/i5, Unix, Linux and Windows environments together on one server, providing ease of use, reduced cost of ownership and increased performance through server consolidation. By developing alongside one another, Misys Retail Banking and IBM eServer iSeries brings proven reliability and integration together with more flexibility than ever", commented Bob McCormick, Vice President WW Sales, eServer, iSeries
About Bankmaster Plus
Bankmaster Plus integrates the hugely successful Misys Bankmaster LAN suite with sophisticated front-end technology from IDOM UK to create an exciting new banking technology designed specifically for smaller ambitious banks. An out-of-the-box suite, featuring an easy to use Windows interface and flexible reporting capabilities, Bankmaster Plus is
Multi-channel
Easy to use
Aggressively priced
...and fast to implement
It enables smaller banks to compete with even very large banks across their entire portfolio, with a very rapid return on investment. Existing users can add all of the new front-end modules as and when required. The Bankmaster Plus suite is available immediately.
Integration of existing Misys platforms
Bankmaster RS is a strong existing Misys platform used by many larger banks. With its open nature and sophisticated transactional capability, it is the bedrock for some of the world's best financial institutions.
Misys will continue to invest in Bankmaster RS, and will be supporting its users and maintaining compliance. Misys will also be extending the capabilities and benefits provided to the many Equation users through its new Sales and Service and Multi-Channel Platforms, powered by S1 to Bankmaster RS customers.
With a common set of channel and CRM services, in time the two technologies, Equation Plus and Bankmaster RS, will converge into a single, open, front-to-back solution. This however, is likely to be some years away and will be carefully managed so to protect the best interests of all of our customers.
To find out more about the new strategy and product portfolio, Misys spokespeople are available for one-to-one briefings both at the stand (noEO96) in Atlanta as well as in London, UK. Peter Gillard, CTO is present on the stand and Andrew Derrer, CEO, will be available for briefings in London.
Notes to Editors About Misys Retail BankingMisys Retail Banking is the global retail banking systems vendor that provides packaged software to help retail banks improve business processes, develop new revenue streams, enhance customer relationships and reduce costs.
For further information, visit www.misys.com/mys/banking/products/retail
About Oracle Corp.
Oracle is the world's largest enterprise software company. For more information about Oracle, visit our website at www.oracle.com.
About S1 Corporation
S1 Corporation is a leading global provider of integrated front‑office applications for more than 4,000 banks and insurance providers around the world. Comprised of applications that address virtually every market segment and delivery channel, S1 solutions help integrate and optimize an institution's entire front office, resulting in increased operational efficiencies, revenue opportunities and overall customer satisfaction. S1 is the only provider with the proven experience, breadth of products and financial strength to empower financial services companies' enterprise strategies. Additional information about S1 is available at www.s1.com.
For further information or to arrange a briefing, please contact:
Suzan Muhanna
Misys Retail Banking - Dubai office
Tel: +971 4 397 4447
Suzan.muhanna@misys.com
Or
Alex Shepherd
Cohn & Wolfe
Tel: +44 20 7331 5385
alex_shepherd@uk.cohnwolfe.com
CONTACT:
S1 Corporation, Atlanta
Matthew Hale, 404-923-3500
matt.hale@s1.com
Or
Public Relations
Peter K. Herbert, 404-923-6647
peter.herbert@S1.com
© Press Release 2004
