regulatory reporting and financial analytics solutions and a business unit of S1 Corporation (NASDAQ: SONE), have signed a strategic agreement which provides Misys with the rights to sell and distribute FRS regulatory reporting products on a worldwide basis. This follows the announcement earlier this year of the agreement between Misys and S1 Corporation (S1) for Misys to distribute and implement S1's Enterprise retail, cash management and trade finance solutions throughout Europe, Africa, Middle East and Asia.
The new offering created by the agreement will be significant for banks currently embarking on globalisation initiatives, particularly Misys customers that are implementing MidasPlus with Global Processing. These banks are highly aware that regulatory reporting differs between the countries in which they operate and require the support of a solution that can provide consistent regulatory reporting functionality across their global operations. FRS FinancialAnalytics currently supports the specific regulatory reporting requirements of 25 countries worldwide, with additional countries planned into 2005.
Under the terms of the agreement, FRS will become Misys' preferred strategic
global partner for regulatory reporting and financial analytics applications. Misys will extend the capabilities of its core banking solution, MidasPlus, to provide customers with a complete pre-packaged and fully integrated global regulatory reporting solution. The FRS existing portfolio of products, FRS FinancialAnalytics and FRS Regulatory Reporting, will be integrated with MidasPlus and offered to customers under the Misys brand as a centralised and consolidated global database from which all country reports can be delivered.
While global regulatory reporting will form the core of the partnership, single branch site and regional bank requirements will also be addressed, with the ultimate goal of making the combined offering the standard across all MidasPlus implementations.
Roger Hedges, Head of Products for International and Regional Banking Markets at Misys Wholesale Banking Systems, comments: "Regulatory reporting is one of the greatest and most difficult challenges faced by our customers, and by the banking industry as a whole. The agreement with FRS, which strengthens our existing partnership with S1, means that we are able to offer customers a global reporting solution that is complete and up-to-date with changes in regulatory reporting standards around the world, thereby reducing significant operational overheads."
Alain Tayenne, General Manager at FRS, said; "This strategic relationship with Misys enables us to offer global banks a single, integrated, cost-effective and standardised solution that will allow them to centralise and consolidate their worldwide operations for regulatory compliance."