LONDON, July 7, 2010 /PRNewswire/ -- Misys plc (FTSE: MSY.L), the global application software and services company, today announces that the National Bank of Oman (NBO) has selected the Misys trade finance solution to allow NBO to expand its business coverage, meeting customer demands and support its growing trade volumes.
The integrated solution combines the power of the back-office processing system, Misys TI Plus with the award-winning Misys Trade Portal, the e-business console. This will enable customers to connect seamlessly to NBO to conduct their international trade business at the same time as accessing a wide range of financial supply chain services.
Founded in 1973, NBO is one of the largest banks in Oman and the first local bank in the Sultanate. It has a paid-up capital of Omani Rials (OMR) 108.1 million and a regulatory capital of OMR 278 million as of December 31, 2009. The bank serves its customers through 64 domestic branches and 170 ATMs, as well as 5 branches in Egypt and 1 in the UAE.
The bank recently conducted a comprehensive evaluation to find a provider to replace its legacy trade finance processing system. This move was part of NBO's plan to expand its trade finance business via innovative trade products and to grow volumes in traditional business areas.
We were very impressed by the fully integrated front-to-back trade finance solution offered by Misys, stated Humayun Kabir, General Manager Wholesale Banking, National Bank of Oman. The corporate Service Level Agreement-driven workflow and business dashboard incorporated into the system were important differentiating factors. We are confident that Misys TI Plus and Trade Portal will help us to meet our growth targets for our traditional products as well as newer ones, such as factoring.
NBO has been using the Misys Equation core banking system for over a decade and after an in-depth evaluation period the management team confirmed that our trade finance solution would benefit the bank most, added Roy Froud, Director - Middle East Africa, Misys. With our integrated solution NBO will now be able to grow its volumes, boost efficiency and broaden its revenue options more effectively.
Misys TI Plus is a flexible back-office automation system that supports the complete front-to-back trade finance business of banks. The solution includes customizable workflows that provide visibility and control over the entire transaction lifecycle. TI Plus enables banks to define Service Level Agreements for each customer and apply either customer groupings or bilateral agreements for individual customers. It allows images of commercial documents to be scanned and retrieved later during processing, thus reducing paper use and making documents accessible to all parties involved in the processing.
Misys Trade Portal is an integrated online system that enables banks to provide a fully-featured console for connecting customers to the bank over the Internet. Bank customers can process and review their transactions and receive customized news feeds related to their particular industries. Trade Portal provides a multibank architecture that facilitates access to multiple banks and their consolidated transactions. It can handle traditional trade instruments such as Letters of Credit, Collections, Guarantees and Financing as well as the growing open account services based on Purchase Order and Invoice data. In addition to the traditional deployment model within a bank's infrastructure, Misys also offers Trade Portal as a hosted solution maintained in an enterprise-class data centre.
Misys has been delivering market-leading Transaction Banking solutions for over 20 years. Its integrated portfolio of trade finance and factoring solutions are used by more than 180 banks around the world to meet constantly changing market requirements.
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 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 and Treasury Capital Markets, +44(0)20-3320-5530, email@example.com ; SebastianMathews, Financial Dynamics, +44(0)207-269-7158, firstname.lastname@example.org