LONDON, August 23, 2010 /PRNewswire/ -- Misys plc (FTSE: MSY.L), the global application software and services company, today announces the latest release of its Confirmation Matching Service (CMS). This release includes inter-bank matching for Exotic FX Options (MT 306 messages) - extending the existing support for buy-side counterparties which went live earlier this year and is now used by more than a dozen banks and fund managers. Banks can now benefit from increased automation and improved risk management, whilst also reducing manual processes such as fax, telephone, and email confirmations.
This release also enhances Misys' existing inter-bank matching portfolio which already includes foreign exchange (MT 300), money markets (MT 320), FX options (MT 305), and metals (MT 600).
We are excited by this significant enhancement to CMS. It offers us the opportunity to further automate our processes, increasing our efficiency and helping us maintain the highest service levels for our customers, comments Andres Bergero, VP Chief Corporate FX Trader at Bank of the West. Exotic FX Options are highly complex transactions - an automated matching solution provided by a trusted partner represents real value to our business.
Using this solution, banks can send confirmations to each other over the SWIFT network, with the subscribing bank authorising SWIFT to copy both inbound and outbound confirmation messages for the required instrument(s) into Misys CMS. This is done using the SWIFT FinInform service. These messages are only visible in CMS to the subscribing bank.
This latest release underlines our leadership position in this area. The industry is changing and Misys is helping banks, corporations and fund managers remain competitive while responding to a more demanding regulatory environment, says Gil Bray, Solutions Director, Misys Confirmation Matching Service. And there is minimal work required from the bank, which can be up and running in less than two weeks - provided they can generate a MT306 message.
Through this release, Misys is helping its customers respond positively to the US Federal Reserve and the Bank of England's call for banks to eliminate manual processes, wherever possible in their Exotic FX Options matching and confirming processes. CMS now enables complete automated matching of these instruments regardless of the parties involved.
Misys is committed to developing market leading solutions and is an active member of the Post Trade Automation FX Options Group set up by banks to address automation of the MT 305 and 306 messages for confirming and matching Put, Call and Exotic FX Options.
Banks can run this solution across their existing SWIFT messaging infrastructure, but Misys will soon be able to provide this connectivity to SWIFT for corporations and regional banks. Already certified as a SWIFT Service Bureau, Misys will be launching this service in October. Customers will be able to choose between using their existing messaging infrastructure to take advantage of CMS Exotic FX Options matching, or connecting via the Misys SWIFT Service Bureau to confirm exotic options through Misys CMS.
About Misys plc
Misys plc (FTSE: 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 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.
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Contact us today, visit: http://www.misys.com
For further information please contact Edward Taylor Global Head of Public Relations Misys Solutions for Banking and Treasury Capital Markets +44(0)20-3320-5530 firstname.lastname@example.org Sebastian Mathews FD +44(0)-20-7269-7158 email@example.com
SOURCE: Misys plc
CONTACT: For further information please contact: Edward Taylor, GlobalHead of Public Relations, Misys Solutions for Banking and Treasury Capital Markets, +44(0)20-3320-5530, firstname.lastname@example.org; SebastianMathews, FD, +44(0)-20-7269-7158, email@example.com