London/Brussels, 29th June 2005 - Misys Banking Systems (Misys) is pleased to announce that Fortis, one of Europe's top 20 largest financial institutions, has signed a deal to deploy Misys MidasPlus with Global Processing across its worldwide operations. The project will see Misys MidasPlus implemented worldwide across the bank's commercial and merchant banking operations, and is the largest in the history of the solution.
The deployment of the solution follows plans by the bank's senior management, led by CEO Jean-Paul Votron, to implement a strategy of accelerated growth and geographical expansion across their business. Misys MidasPlus with Global Processing will form the foundation of the bank's solution architecture over the entire corporate banking business, replacing the mainframe applications already in use at the bank's four largest worldwide operations. As well as increasing the sophistication of Fortis' global cash management services, Misys MidasPlus will provide a common infrastructure that will allow the bank to leverage the synergies between its commercial and merchant banking units.
The new architecture will also include commercial lending, syndication, project finance and financial messaging, provided by Misys Loan IQ and Misys Message Manager respectively. Finally, the rapid roll-out and easy integration capabilities of Misys MidasPlus will allow Fortis to cost-effectively continue their expansion by opening a further 15 offices in new locations worldwide.
Fortis chose Misys above a number of competitors after an in-depth review. With Misys Midas already in use across several of Fortis' sites in Europe, Asia and the US, the bank recognised a close relationship of experience, financial strength, shared trust and mutual success, giving Misys status as a "Fortis Trusted Advisor".
Herman Verwilst, Chief Operating Officer at Fortis, comments: "This deal is of great importance to Fortis. We have put in place an ambitious strategy for accelerated growth while strictly controlling costs. Last week we revealed our detailed strategic plans to the market. Fortis is developing a European infrastructure in several domains to increase the service to its customers. As a part of this strategy Fortis is integrating its support services across borders and businesses."
Alain DeschÃªnes, CIO at Fortis, also says: "After having started an overall group architecture study codenamed Cityplan, we came to the conclusion that Misys MidasPlus, in combination with Misys' overall banking product strategy, provided us with a sound platform for our future."
Clive Pedder, CEO of Wholesale Banking at Misys Banking Systems, adds: "The management of cash accounts and working capital is the cornerstone of corporate banking, upon which all other core banking products and services are built. Although many banks are thinking in the direction of a global core banking platform for corporate cash accounts, Fortis is leading the way in taking this to the next stage. We are delighted that Fortis is using Misys as a trusted advisor for such a key growth strategy, and look forward to working with the bank in the future."