services company, announces today that U.S. bank FirstMerit has licensed an integrated international banking solution covering foreign exchange and trade finance processing from the front to the back office.
FirstMerit Bank, an Ohio-based financial institution, has chosen the end-to-end solution from Misys in order to build its FX and trade finance business which will enable the bank to maintain the high levels of service and excellence for which it is known.
The integrated suite of products includes Misys Opics Plus, Misys Portal for Opics Plus, TI Plus and Misys Trade Portal. This new agreement allows FirstMerit to provide its customers with a web-based front-end and a best-of-breed back-office processing system for trade finance and FX solutions. Misys will provide the software as a service using its SAS 70-certified hosting capability.
The Misys portal will support the bank's goals to expand its international banking products globally. FirstMerit will be able to provide international banking customers with a full range of products and services to meet a variety of foreign exchange and trade finance needs, through a single web-based portal. This includes Spot, Forward, Window Forward, NDF, Swaps, Time Options, Bank Notes, Drafts, Wires, Letters of Credit, Standbys and Collections.
"The Misys solution will especially help improve our operational efficiencies and provide a platform from which we can grow our business," said Craig Schurr, Senior Vice President & Manager, International Banking Division. "We engaged an extensive analysis of vendor-based systems and Misys was the only company able to provide a single hosted customer front end and integrated back-office systems for both foreign exchange and trade finance, without involving a third party."
"The market is changing and regional banks require a completely integrated international solution." commented Rick Salk, Regional Sales Director for the Americas, Misys. "FirstMerit has chosen our solution to make sure it delivers on its objective of offering focused, flexible and prompt services to its customers. FirstMerit will be able to grow its FX and trade volumes, boost efficiency and broaden its revenue streams, while keeping close to its customers through our portal."