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Misys joins collaboration on global banking standard with BIAN membership

Move supports commitment to banking transformation 

Misys, the leading financial software company, today announced its membership of the Banking Industry Architecture Network (BIAN), a non-profit group looking to reduce integration costs for banks through the creation of consistent service definitions in a service-oriented architecture. The move is in line with Misys’ commitment to empowering banking transformation and supports interoperability, as well as the creation of industry-wide best practices.

“Banks are under an increasing amount of pressure to componentise their IT architecture, but legacy systems infrastructure often forces them to take a rip and replace approach to their core banking systems,” said Boris Lipiainen, Global Head of Product Management, Misys. “21st century banking is in need of innovation and our membership of BIAN allows us to collaborate with other industry players to lower IT integration costs, while increasing flexibility and efficiency – benefits that will ultimately be passed on to the consumer.”

“As BIAN works towards the goal of creating a global banking IT standard, we continue to develop our diverse membership base. The addition of Misys serves to further strengthen our deep understanding and expertise of the banking landscape,” said Hans Tesselaar, Executive Director of BIAN. “Our organisation is purely member driven and we look forward to Misys’ meaningful contribution to industry collaboration.”

Established in 2008, BIAN brings together banks, software vendors and service providers within the financial and banking industry to create partnerships and collaborate on the co-development of enterprise IT architecture. The association currently has 64 members. Members combine their industry expertise to define a revolutionary banking technology framework that standardises and simplifies core banking architecture, which has typically been convoluted and outdated. Based on service oriented architecture principles, the comprehensive model provides a future-proofing solution for banks that fosters industry collaboration.