Finastra

Trade Innovation from Misys chosen by top Russian bank VTB as the solution marks yet another successful year

London, 11th October 2004 - Misys Wholesale Banking Systems is pleased to announce that Vneshtorgbank (VTB), Bank for Foreign Trade, one of the three largest universal banks in Russia, has chosen Misys Trade Innovation for its trade finance operations.

The sale marks the end of another successful year for Misys Trade Innovation, in which the solution has seen 23 new customers signed in the last twelve months. With a track record of, on average, two new customers every month since its launch in 1997, and a total of 163 customers in 220 sites across the world, Misys Trade Innovation has firmly established itself as the market leader in trade services.

As one of the country's largest banks, VTB has a wide network of branches in Russia and abroad and is still expanding. Having taken one of the leading positions among Russian banks to offer documentary operations, the bank's main task is to automate these transactions not only in the Head Office, but also in its branches.

The decision to implement Misys Trade Innovation was based upon the flexibility of the solution, its ability to adapt to specific Russian requirements and, most importantly, its proven implementation record. With a number of live Misys Trade Innovation sites in the CIS region and local support through Misys' office in Moscow, VTB is confident of the project's success. VTB has many experienced and very competent technical and banking resources available to provide effective and high level cooperation with Misys, and has assigned best-qualified and experienced specialists to the project team.

Andrey Korotkov, CIO of VTB says, "Implementation of solutions such as Misys Trade Innovation plays a very important role for banks undergoing reorganisation, merger or acquisition. We highly appreciate co-operation with Misys specialists, both from their international offices and the Moscow branch. They have provided us with a very good level of service and assistance in setting up and carrying out the implementation of the Misys Trade Innovation solution."

Steen Foldberg, Head of Sales for Europe at Misys Wholesale Banking Systems, said: "With the continued growth of trade between Russia and the rest of the world, VTB is in a perfect position to take full advantage of the services offered by Misys Trade Innovation, and we look forward to working closely with them on the implementation."

"We are delighted with the success of Misys Trade Innovation. As we build on this year's outstanding progress, all our customers, including VTB, will continue to benefit from our investment in its development as we begin to add new technology to support global processing and white labeling. We remain committed to ensuring that Misys Trade Innovation goes from strength to strength."