MidasPlus Global Processing Announced
October 22, 2003

Comment
Misys Wholesale Banking has announced its latest product, MidasPlus Global Processing. The MidasPlus Global Processing approach allows banks to cater for country variations in regulatory reporting and accounting standards, while still allowing centralization and appropriate consolidation to achieve further efficiencies and economies.

Full Story

Misys Wholesale Banking Systems has announced the launch of its MidasPlus Global Processing solution, which enables international banks to transfer business systems and operations management to a single, centralized point of control. 

By applying MidasPlus in a global processing environment, banks can benefit from the inherent process improvements consolidation brings, combined with efficiencies generated by the Midas core banking system, which is currently in use at more than 500 customer sites around the world.

MidasPlus Global Processing takes advantage of the latest Java technology environment, offering an open system with central, scalable processes and customizable browser-based access. The solution can be linked to third party systems, thereby making the most of existing investments.

Adopting a global processing model can enable international banks to reduce costs by standardizing processes on a single, central system worldwide, maintaining local procedures, eliminating duplication and establishing best working practices on a global scale. Through this consolidation, a bank can reduce errors and mismatched reconciliations, eliminate redundant and costly inter-branch activity, reduce support and operational costs dramatically, and release local branches from administrative duties. 

Risk exposure can also be reported and managed more effectively through centralized limit management, automated real-time position reporting, real-time limit sharing between branches and pre-deal checking. The MidasPlus Global Processing approach allows banks to cater for country variations in regulatory reporting and accounting standards - whether GAAP, IAS39 or FAS52 - still allowing centralization and appropriate consolidation.

Phil Cantor, head of global processing at Misys Wholesale Banking Systems, commented: "All the banks we speak to want to manage their costs more effectively. Obvious cost cutting measures, such as managing cost sign offs and trimming staff numbers, has usually been done. That leaves global standardization as a compelling next step. The beauty of MidasPlus Global Processing is that it enables this, whilst allowing the local flexibility that is so vital." A key part of Misys' approach is to analyze the potential of global processing for each client based on a benefits calculator developed by Misys.

Other Misys Wholesale Banking Systems products, such as Trade Innovation and OPICS, can also be applied in a global processing environment. For example, a major UK bank is using OPICS to support processing in 35 locations, many of them from a single hub managing in excess of 14,000 transactions per day.