London, 14 April 2003 - Misys Wholesale Banking Systems today announced that
State Bank of India has gone live with its Midas and Trade Innovation
products for the bank's Singapore operations. The new systems will help the
bank to meet the new SAS 33 accounting requirements and automate reporting
to the Monetary Authority of Singapore. They will also strengthen internal
controls and enable the bank to meet all the necessary compliance standards.
State Bank of India selected the joint Midas and Trade innovation solution
from Misys after a comprehensive evaluation process against a rival
supplier. The integration between the two systems gives the bank a more
consolidated view of all transactions, facilitating better risk management.
Furthermore, by offering common SWIFT message routing and delivery, Midas
and Trade Innovation will eliminate duplication while ensuring accuracy and
Midas provides State Bank of India with comprehensive support for its
corporate banking business in Singapore. As well as delivering a centralised
point for settlement, accounting and network interfacing, Midas enables the
bank to gain a complete view of its business for MIS, risk control and
Trade Innovation gives the bank advanced workflow management and e-commerce
capabilities in a single integrated environment. Designed to meet the
demands of banks throughout the world, the software includes import / export
letters of credit, documentary and clean collection, payments services,
shipping guarantees and airway bill release.
Trade Innovation deals with a multitude of local variations, incorporating a
host of specific regional requirements such as import and export license
"The reputation of Misys for delivering proven solutions is very strong, and
we believe that together Midas and Trade Innovation are ideally suited to
meet the new regulatory requirements we are facing here in Singapore," says
Mrs. Padma Ramasubban Chief Executive Officer of State Bank of India, Singapore Branch.
Mr. Louis Niven, Singapore Branch Manager, Misys Wholesale Banking Systems,
comments: "Market practices around the world evolve every day, and banks
need strong and reliable systems that will help them adapt to these changes.
We are delighted to be working with State Bank of India on this project,
which enables the bank to manage the intricacies of the ever evolving
regulatory and banking requirements more effectively."