MeritaNordbanken, one of Scandinavia’s leading banking groups, which recently merged with Denmark’s Unibank Group, has completed the implementation of Midas-Kapiti International’s (MKI) Midas DBA banking solution for its international branch operations in London. The bank has also licensed the new Midas Links migration tool to speed up data transfer and conversion from its existing system.
Craig Hunt, MeritaNordbanken’s Head of Management Information Systems, explains, "The bank’s London branch has chosen to adopt Unibank’s strategy of centralised support. This involves version control being managed from a central hub, and almost identical versions of the system being used at each branch location, with local reporting requirements being the only exception. We completed the migration to Midas at the beginning of December on schedule, as part of the overall synergy process."
To speed up migration from the bank’s existing IBIS package and automate the transfer of data, MeritaNordbanken made use of the new Midas Links software, which has been specially developed by MKI’s Luxembourg branch. Craig Hunt points out, "Midas Links speeds up the transfer of data between Midas and IBIS, and eliminates the incidence of manual input errors, thereby reducing the time involved in system conversion."
"Midas Links is a hugely powerful piece of software and has enabled the bank to take a ‘big bang’ approach. It allowed the branch to test and re-test the conversion method a number of times without having to go through the re-keying process, thus reducing the migration period considerably," he continues. "During the preparation period period, we opened all general ledger accounts in under 13 minutes, and were able to load all Commercial Loans, Money Market loans and deposits transactions, FX trades and IRS deals in less than one hour. This enabled us to make considerable time savings without reducing the quality of data being entered into the system.."
"We see a lot of potential uses for the software in the future, such as in the pre-loading and testing of data prior to upgrades, and the transfer of live data into test systems for parallel runs. Midas Links proved invaluable in reducing operational risk, particularly on the day when system conversion took place, " he concludes.
Notes for Editors:-
Merita Bank plc, Finland’s largest bank, was created as a result of a merger in June 1995 between the Union Bank of Finland and Kansallis-Osake-Pankki, which were established in 1862 and 1889 respectively. Following a further series of mergers, Merita Bank joined forces with Sweden’s Nordbanken AB, to form one of the leading financial institutions in the Nordic region. MeritaNordbanken has since merged with Denmark’s Unibank group, and recently acquired Christiania Bank, domiciled in Norway. The MeritaNordbanken Group is a commercial bank, providing a full range of corporate, retail, investment and private banking services throughout Scandinavia. The combined group has an extensive network of international offices across the world covering the major financial centres of New York, London, Frankfurt, Luxembourg, Hong Kong, Singapore, Tokyo and Zurich, in addition to offices in many other cities as well as the Baltic States.
Midas DBA, one of MKI's two core banking solutions based on IBM's AS/400, is particularly well-suited for banks operating in the international wholesale, corporate and private banking arena. Midas DBA provides support for a wide variety of treasury and capital markets transactions, as well as sophisticated facilities for both commercial and syndicated loans, and an advanced Private Banking solution.
MKI, a wholly-owned subsidiary of Misys plc, is the world's premier supplier of solutions to the global banking and financial services industry, with annual sales of more than £200m. The company has an extensive network of international branches located in 29 countries around the world and employs over 1,800 staff. MKI's product range includes solutions for wholesale and retail banking, treasury and capital markets, trade finance, private banking and risk management.
Misys plc, a FTSE-100 company, is the UK’s largest independent software products company and one of the world’s 10 largest suppliers of application software, specialising in the international banking and securities, US healthcare and UK insurance markets. In the year ended 31st May 2000, Misys achieved revenues of £709 million and operating profit of £130 million. The group currently has more than 5,700 employees worldwide.