Misys plc (FTSE: MSY.L), the global application software and services company, today announces that the Finnish financial services company, Pohjola Bank plc, has licensed Misysâ trade finance processing and Internet-based delivery solution so it can grow the volume of its trade business.
Pohjola Bank plc (Pohjola) is part of OP-Pohjola Group, the leading financial services group in Finland. The bank provides its corporate and institutional customers with a diverse range of banking, non-life insurance and asset management services, and private customers with an extensive range of non-life insurance and private banking services. Pohjola is experiencing an increased demand for trade finance and evaluated several systems to help it to increase its processing efficiency and workflow while catering for the higher trade transaction volumes.
âWe chose the solution from Misys because it combines the strength of the back-office processing system, TI Plus, with the excellent online delivery console, Misys Trade Portal,â states Tarja PitkÃ¤nen, Head of Cash Management and International Services from Pohjola. âThe fully integrated front-to back solution will contribute greatly to the efficiency of our operation and assist us in maintaining the impressive level of customer satisfaction on which we pride ourselves. Our excellent solutions stand us out from the competition and by implementing the leading trade finance system on the market we are ensuring we keep these standards as high as possible."
Pohjola benefits from using Misysâ treasury and commercial lending solutions and this additional agreement brings more integration to the business with the trade finance operations also now being supported by Misys.
âWe are delighted that we have extended our relationship with Pohjola into trade finance,â stated Dermot Briody, Director Sales Europe. âThe management team has chosen our solution to make sure it delivers on its objective of offering customer-focused, flexible and prompt services. It will now be able to grow its trade volumes, boost efficiency and broaden its revenue streams, while keeping close to its customers and partners through our portal.â
Misys TI Plus is a flexible back-office automation system that supports the complete front-to-back trade finance business of banks. The solution includes customizable workflows that provide visibility and control over the entire transaction lifecycle. TI Plus enables banks to define Service Level Agreements for each customer and apply either customer groupings or bilateral agreements for individual customers. It allows images of commercial documents to be scanned and retrieved later during processing, thus reducing paper use and making documents accessible to all parties involved in the processing.
Misys Trade Portal is an integrated online system that enables banks to provide a fully-featured console for connecting customers to the bank over the Internet. Bank customers can process and review their transactions and receive customised news feeds related to their particular industries. Trade Portal provides a multibank architecture that facilitates access to multiple banks and their consolidated transactions. It can handle traditional trade instruments such as Letters of Credit, Collections, Guarantees and Financing as well as the growing open account services based on Purchase Order and Invoice data. In addition to the traditional deployment model within a bankâs infrastructure, Misys also offers Trade Portal as a hosted solution maintained in an enterprise-class data centre.