The award was won for the successful implementation of Misys Summit at Bank of Communications in Shanghai, to support the front-to-back operations of the bankâs derivatives business. According to Asian Banker, the project attracted acclaim because of combination of the speed of the implementation, the benefit to the entire derivatives business at the bank and the skilled team of professional services that supported the bank throughout the project.
The objective was to provide Bank of Communications with a real-time straight-through-processing solution for its derivative products that would manage the complete process from trade capture, hedging, portfolio analysis, to back-office processing and accounting. The target was to implement, test and be running fully within six months. The project began at the start of June 2010 with dedicated teams from both Misys and the Bank, thorough testing was carried out from August to October and the system went live at the start of December.
Shen, Shaozhen, General Manager, Bank of Communications Operations Centre said, âAs the fifth largest bank in China by market capitalisation and with a reputation of high standards and quality to maintain, client service is of utmost importance to us. We continually strive to improve our service in every way we can, to all our clients whatever their size. This means that we have to introduce the best technology on the market to improve systems, achieve optimal efficiency and keep costs and risks to a minimum.
âWith increasing trading volumes and new financial instruments, we needed a system which could support our operations seamlessly from the front office to the back. Misys Summit is the very best of fully integrated solutions on the market and the Misys team worked with us tirelessly to achieve a smooth and timely transition.â
Lee Boon Huat, Asia Pacific Managing Director, Misys, added, âWe are delighted with this award and feel strongly that Bank of Communications shares the accolade. It was a team effort from start to finish, implementing a system for the most complex products in capital markets and the collaboration of resources was essential to the project. Bank of Communications is a most forward-thinking bank and that is evident in the way it runs its business.â
Asian Bankerâs prestigious technology implementation award has been an annual event for five years and covers a wide range of categories rewarding technology solutions for banks across the region.