LONDON, March 2 /PRNewswire/ -- Misys plc (LSE:MSY), the global application software and services company, today announces that it has passed the strict accreditation tests required to gain the SWIFTReady Trade Services Utility (TSU) 2009 label.
Misys was the first solutions provider to be awarded this when the SWIFTNet TSU service came into existence in April 2007 for its Misys Trade Portal solution which was then accredited again in 2008.
The TSU, which has more than 80 banks subscribed to it from 30 countries, was built by SWIFT to help financial institutions provide competitive supply chain services to their corporate customers. It offers a common standard for the exchange of trade-related data between banks, which improves the way banks interact with each other. The TSU supports all banks' value-added supply chain services, such as finance programmes, cash forecasting and liquidity management.
This latest release of the SWIFTNet TSU, which becomes commercially available in March 2009, sees several enhancements built into the service and its workflow engine from previous versions. One of the key improvements to the latest release is the much-awaited ability for a bank to issue a 'Bank Payment Obligation', often considered similar to a Letter of Credit in the sense that it provides the irrevocable undertaking on the part of that bank to pay the other party, as long as the conditions have been satisfied and the data extracted from key trade documents matches within the TSU. Another key enhancement is a new 'Notice of Intent to Pay' message to indicate one corporate's intent to pay another corporate.
The Misys solution provides support for these new capabilities out-of-the-box, allowing banks to offer fully branded and customized innovative services to their corporate customers in a rapid and cost effective manner
Having the right solutions, matching and workflow mechanisms and visibility of the process are all key to the efficiency of trade finance, comments Olivier Berthier, Transaction Banking Solutions Director at Misys. The TSU together with Misys Trade Portal enable banks to establish a common view of key supply chain transaction data, to monitor events all the way from inception to completion and to develop the right integrated supply chain finance offering. We have adapted our solution greatly to ensure it changes with the new demands from our clients seeking to enhance their customer service and broaden revenue opportunities. This hat-trick of TSU accreditations from SWIFT underlines our market leadership in the trade services area.
Traditional trade instruments, such as letters of credit, collections and guarantees, also fully supported in the Misys solution, remain an important service provided by banks even if a majority of international trade today is conducted on open account, which increases the risk of disintermediation for banks. The TSU and the Misys solution are one way of keeping this risk low while keeping liquidity high.
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.
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
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