London / New York, 25th April 2005 - Misys Banking Systems (Misys) is pleased to announce today that JPMorgan Chase & Co., one of the world's largest financial services firms, has selected the Misys Loan IQ solution to process its commercial loan trading and agency servicing businesses. In addition, Misys Loan IQ has been chosen by JPMorgan to become its future commitment recording system.
The solution will be deployed across JPMorgan Chase's major operational centers in New York, Chicago, London, Houston and Delaware over the next 12 to 18 months. Future plans also include a roll-out to the bank's Asia Pacific operations.
The roll out of Misys Loan IQ across the bank will provide a comprehensive tool that will provide deal tracking, loan trading, deal processing, and administration, and record maintenance, among other functions.
Daniel McDonagh, Managing Director Global Credit Risk Management Operations at JPMorgan Chase, explains: "As a result of our merger with Bank One, we needed a functionally robust loan and agency management solution that would consolidate our efforts across the bank. We already had experience of Misys Loan IQ from within JPMorgan Chase, and after an evaluation, we felt it had the greatest functionality for our needs."
Andrew White, CEO at Misys Wholesale Banking Systems, comments that with multiple lenders, multi-tiered deals and major complexities, loan investment and syndication is a daunting business. "Some of the world's largest enterprises are intimately familiar with the power of Misys Loan IQ to transform a cumbersome chain of events into a streamlined, controlled process. The result helps them achieve greater upside and improved client service. Building on our success in working alongside JPMorgan Chase, we look forward to working with the team there as Misys Loan IQ is rolled out."