Industry survey reveals potential cost savings of up to 50% from implementing a single back office system
Misys has unveiled Misys Global Back Office at Sibos in Dubai. Now available, this global component is part of Misys Capital Markets Fusion and centralises and consolidates all operational processing across asset classes, trading systems and branches globally, streamlining back office operations for users and improving straight-through processing (STP) while reducing costs and operational risk.
Against a backdrop of regulatory change and market transformation that impacts the treasury and capital markets, participants are becoming progressively more focused on how they achieve company-wide consistency to reduce risk and ensure regulatory compliance. The product has been built with a single data repository at its core, achieving the utopia of the ‘single version of truth’, so essential to meeting regulatory requirements and providing operational risk control effectively.
“Misys Global Back Office, we believe, will allow us to centralise and consolidate all operational processing across our branches and subsidiaries,” comments James Leach, COO of Maple Bank GmbH. “We expect to see a real impact on our business as a result, with significant cost savings, more streamlined operations and improved straight-through processing.”
The Misys Global Back Office enables activities across assets to be handled in a consistent way, using standardised workflows, banks can ensure that best practice is enforced throughout their global capital markets business. Uniquely, the Misys Global Back Office is open to all trading systems, from Misys and any other providers including in-house systems, allowing for streamlining processes and transactions, reducing costs and operational risk, with the benefit of enhanced visibility and regulatory reporting across all positions. Misys Global Back Office provides the advanced STP, connectivity to CCPs, comprehensive trade repository and proven, cross-asset collateral and margin management needed to enable banks to support central clearing and manage the complexity of multi-participant workflow.
“The financial crisis has created an environment whereby technology users are required to be more agile, while equally IT systems must be rationalised to keep control on budget, but remain compliant in line with regulations such as EMIR and Basel III,” said Joerg Heidtmann, Head of Capital Markets Product Management at Misys. “Misys Global Back Office will enable our customers to have market leading back office operations according to best practices, which also gives insights of upcoming changes and allows them to consolidate and rationalise their costs across systems, demonstrating significant ROI.”
Misys Global Back Office includes seamless integration with counterparties, brokers and clearers, streamlining connectivity and improving regulatory compliance by offering a scalable and rapid integration process that provides real-time reporting functions, error tracking and alerting, and a large set of standard connectivity to the very latest market services.