LONDON, November 30 /PRNewswire/ -- Misysplc , the global application software and services company, today announces that Bank of Cyprus, the leading Cypriot banking and financial services group, selected Misys Equation for its enterprise-wide core banking system.
Bank of Cyprus is consolidating all information technology systems under a common IT platform with the goal of decreasing the cost of maintenance and operational support of its IT infrastructure. The solution from Misys will be at the core of this 1bank concept, enabling the bank to consolidate its core banking systems into one, reducing costs and improving efficiencies. It will also allow the bank to expand more rapidly into new territories in the future. Central to the choice for the bank was Misys Equation's ability to increase control of the systems in place, while reducing the overall cost of maintenance and support of the infrastructure.
Bank of Cyprus has a stated strategy to maintain its leading position in all sectors and continue to expand its business outside Greece, Cyprus, Australia and the UK, developing its international business in Russia, Ukraine and Romania. Misys Equation's proven track record around the globe and particularly in those countries which are target markets for the bank's future expansion was crucial in the agreement.
One of our strategic priorities is to consolidate our presence in our main markets and widen our global footprint, specifically in Russia, Ukraine and Romania, states Leonidas Isodiou, General Manager, Group Information Technology and Organisation Methods, Bank of Cyprus. Misys has clear expertise in helping international banks like us to manage their growth and maintain the high level of service our customers expect. We see Misys as a strategic partner and are excited by the business plans the company has shared with us and the strategy and future roadmap of BankFusion Equation.
Misys Equation has the flexibility to support the bank's goal of quick deployment into new markets with an already proven standard 1bank model. Another key influence on the decision to put the bank's trust in the expertise and solution from Misys was Equation's Relational database, published data model and Application Programming Interfaces that allows easy integration with peripheral applications. Also, the parameter-driven design of Equation empowers Bank of Cyprus to be self sufficient in launching new products and services to market quickly.
It was critical that Bank of Cyprus was confident that Misys Equation's future functionality and the direction of its technology roadmap were in line with the needs of the bank, as Dermot Briody, Regional Director Europe, Misys states: We made sure that the team at Bank of Cyprus were fully up to speed with the benefits that the next version of the solution, BankFusion Equation, will bring them. They recognised the value in the direction we are taking the solution and how it will improve their operations still further as we augment the solution in future versions of BankFusion Equation.
About Bank of Cyprus
Founded in 1899, the Bank of Cyprus Group is the leading Cypriot banking and financial services group. In addition to retail and commercial banking, the Group's activities include finance, factoring, investment banking, brokerage, fund management, life and general insurance. The Group currently operates through a total of 570 branches, of which 223 operate in Russia, 152 in Greece, 143 in Cyprus, 29 in Ukraine, 5 in the United Kingdom, 10 in Australia, 7 in Romania, and 1 in the Channel Islands. Bank of Cyprus also has representative offices in Russia, Canada and South Africa. The Bank of Cyprus Group employs 11.962 staff worldwide.
At 30 September 2008, the Group's Total Assets reached EUR34,03 bn and the Shareholders' Funds were EUR2,13 bn. The Bank of Cyprus shares are listed on the Cyprus and Athens Stock Exchanges. Additional information can be found at the Group's website http://www.bankofcyprus.com
About Misys plc
Misys plc , 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 plc owns a controlling stake in NASDAQ-listed Allscripts-Misys Healthcare Solutions, Inc, a clear leader in the provision of healthcare technology, serving more than 150,000 physicians, 700 hospitals and nearly 7,000 post-acute and homecare organisations. Misys employs around 6,000 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.
Misys: experience, solutions, results
Contact us today, visit:http:// www.misys.com
For further information please contact Edward Taylor Global Head of Public Relations Misys Solutions for Banking +44(0)20-3320-5530 email@example.com Sebastian Mathews Financial Dynamics +44(0)207-269-7158 firstname.lastname@example.org
SOURCE: Misys plc
CONTACT: For further information please contact: Edward Taylor, GlobalHead of Public Relations, Misys Solutions for Banking, +44(0)20-3320-5530,email@example.com; Sebastian Mathews, Financial Dynamics,+44(0)207-269-7158, firstname.lastname@example.org