Hanseatic Bank has awarded Misys Retail Banking a significant contract to roll-out a new retail banking system across 25 branches.
The Misys solution will not only reduce the bank`s operating costs, but will also enable Hanseatic Bank to become IAS compliant by March 2004. This is when the Otto group, the owner of Hanseatic Bank, will start to report on International Accounting Standards (IAS) in parallel with HGB accounting - Germany`s accounting regulation. From 2005 onwards all listed companies in the EU have to comply with the IAS/IFRS regulations.
The retail banking solution, underpinned by the Equation retail banking system, will support accounting, current accounts, savings business, deposits, money market, payments processing, reporting to the Bundesbank and e-banking of Hanseatic Bank`s retail banking operations from a single automation platform, significantly reducing operating costs. In three phases the existing mainframe solution Kordoba will be replaced by the Equation system. The solution will also allow Hanseatic Bank to rapidly bring a range of new products and services to market via multiple distribution channels, such as Internet banking.
The Misys solution is based on open IT architecture, which means that it can be easily integrated with Hanseatic Bank`s existing front-end IT systems. This will ensure the customer experience remains familiar and customer-facing staff training needs are minimised. The use of Equation software also enables quick and easy integration with other third party systems in the future.
"Misys Retail Banking revealed an impressive knowledge of the German market and worked closely with Hanseatic Bank to ensure the new solution met all our requirements," said Torsten Brandes, managing director of Hanseatic Bank. "The ability to meet the IAS deadline is extremely important but the solution will also significantly reduce our operating costs and provide us with a highly functional system for 21st Century banking. Misys is committed to the German market which gives us the security to take on investments for at least the next 10 to 15 years."
Wayne Ginn, CEO of Misys Retail Banking, said: "Our contract with Hanseatic Bank marks a significant step for Misys in consolidating our position in the German market. We operate on a global scale but pride ourselves on local knowledge and developing close relationships with our customers to ensure we develop a solution that meets their specific business requirements, which has certainly been the case with Hanseatic Bank. The Misys retail banking solution provides the flexibility to introduce new products quickly and will certainly ensure Hanseatic Bank remains competitive in the German market."
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Hanseatic Bank- Otto Group - is one of the most successful Retail Banks in Germany. It has 300 employees and serves around 100 000 customers with a network of 25 branches. Main business area is retail lending to private customers. The business with customer oriented deposits and very market specific savings products is growing heavily. With total assets of EUR 1,052 billion and a since many years very attractive ratio for ROE Hanseatic Bank is one of the most successful companies of Otto Group.
Misys Retail Banking
Misys Retail Banking is the global retail banking systems division that provides innovative packaged software solutions to help retail banks improve business processes, develop new revenue streams, enhance customer relationships and reduce costs. The division employs over 600 people and operates out of a network of offices in 28 countries.
Misys offers two leading software solutions. Bankmaster is a fully integrated set of banking applications that provides the flexibility to bring new and varied products to market and supports multi-delivery channels. Equation is an integrated, multi-currency, multilingual retail banking system that supports all areas of a bank`s operation from a single automation platform.
Misys Retail Banking is part of Misys Plc, one of the world`s largest software solutions companies that serves customers in the international banking and securities, US healthcare and UK retail financial services sectors. Misys employs over 6 500 people internationally and reported revenues in excess of lb1 billion ($1.5 billion) for the year ended 31 May 2003.
For further information, visit www.misys.com/mys/banking/products/retail.
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