IDFC goes live with Misys Almonde in India

10 October 2006

Misys Banking Systems, a global leader in banking software and solutions, announces today that IDFC, one of India’s leading financial institutions, has gone live with its asset & liability management solution, Misys Almonde. IDFC is using Misys Almonde to manage the risks arising from interest rate movements and to manage liquidity risk.

The implementation was very rapid, covering complex data modelling, off-site testing and integration with existing systems. Interfaces were built with minimal disruption between Misys Almonde and all the internal systems in the head office in Mumbai, including its core system and treasury management solution. Lastly, following a very successful off-site model being run to test the operation, the system went live.

“We have already seen a saving in the amount of time it used to take us to collate and perform data analysis,” comments L K Narayan, Chief Financial Officer, Infrastructure Development Finance Company (IDFC). “Misys Almonde has enabled us to simulate our balance sheet with anticipated loan disbursals and interest rate and exchange rate scenarios, saving us a huge amount of time and increasing our operational efficiency. We are now able to generate regulatory reports on a regular basis and our MIS reporting has greatly improved.” Dr. Hemant Manuj, Director Risk, IDFC, added “The expert team supporting us from Misys has made the implementation as smooth as possible in significantly less time than we had budgeted. We are very pleased with the initial use of Misys Almonde and are looking at further opportunities where we can use the expertise of Misys.”

Mark Davies, Managing Director, Misys Almonde, Misys Banking Systems, adds, “IDFC’s long-term success depends on a strong balance sheet and we have enabled the business to make accurate and reliable decisions through Misys Almonde’s sophisticated statistical analysis and economic and behavioural scenario analysis. We look forward to building on this collaborative success with IFDC and working with the bank on similar projects in the future.”

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