London/Beijing, 22nd August 2005 â Misys Banking Systems (Misys) is pleased to announce that Bank of Beijing (BoB), one of Asiaâs top 200 banks*, has chosen Misys Opics and Misys Trade Innovation to run its trade finance and treasury management services. The combined solution will allow the bank to develop and enhance its existing international and corporate banking capabilities. Implementation is completed in Q3 2005.
Before choosing Misys, the bank ran a six month evaluation process in which three treasury and four trade finance solutions were reviewed. Misys was found to be the only vendor able to provide a solution covering the two business areas. In addition, the Bank of Beijing team was impressed by the global strength and support offered by Misys, as well as its knowledge of the local Chinese market. Since choosing Misys, Bank of Beijing has become the first bank in China to go live on a true STP (straight through processing) treasury solution.
Since 2003, Bank of Beijing has been actively enhancing its international banking capabilities, structuring its management and technology to meet international practices and engaging in increased overseas business outside the Chinese market. In fact, the bank recently became one of the first city commercial banks in China to receive a derivatives licence. The Misys solution allows the bank to automate its STP treasury business, enhance its derivatives operations and offer improved trade services to its corporate customers.
Zhao Rui An, Vice President at Bank of Beijing, comments: "Increasing competition in our key markets has meant that we have become increasingly focused on our corporate customers, adapting and improving our operations to meet their needs more effectively. Implementing the Misys solution has enabled us to enhance our product offering, improve our services and realise new levels of operational efficiency."
John Palmiero, Head of Sales, Asia at Misys Banking Systems, adds: "Over the past few years, Misys has been steadily increasing its footprint and knowledge in China, working with customers and partners alike to develop a good understanding of the market. This implementation is a further indication of our capability to offer world class solutions tailored to the needs of our Chinese customers."