In a deal worth more than ZWD150 million, Trust Bank, one of Zimbabwe`s leading banks, has entrusted support of its international banking operations to Misys International Banking Systems (Misys), one of the world`s leading suppliers of IT solutions to the banking and financial services industry. Trust Bank has licensed the Equation retail banking solution from Misys, in addition to Trade Innovation to automate its international trade finance business.
George Likhwide, Trust Bank`s Senior I.T. Manager, explains, "Prior to evaluating a range of different packages, we established the criteria that our ideal solution would need to meet. Some of the features we took into consideration when assessing the different systems covered attributes such as flexibility, depth of functionality, ease of integration and price."
During the 3 month review process which got underway in March 2000, Trust Bank evaluated a large number of rival packages, including I-Flex`s Flexcube, ICL`s ibank and Globus, marketed through Global Technology Africa, as well as Misys` Equation product.
George Likhwide comments, "Our choice of Equation as our preferred solution, was based on the fact that it was a proven system with an international reputation. It also met all our requirements regarding flexibility, database design and overall functionality. Another key factor which had a major influence on our decision was the availability of Misys` Meridian middleware, together with the integral APIs (Application Programming Interfaces) incorporated within Equation, assuring us of the system`s ease of integration."
"The fact that Equation runs on IBM`s eServer iSeries platform was also important to us. IBM`s iSeries technology, which is proven the world over, provides a high degree of system and service availability, its reliability and the stability of its operating system making it an obvious choice for the bank," he continues.
Equation will also function as the banking operations server for Trade Innovation, also supplied by Misys and Trust Bank`s chosen solution to support its international trade finance business. Trade Innovation is an advanced system based on the latest technology and provides an important element in the bank`s strategy to enhance customer service and increase the efficiency of its operations, ensuring a fast response to customer requests.
In addition to automating the processing of the full range of trade-related transactions, Trade Innovation incorporates a unique workflow management feature to streamline operations and improve the overall efficiency of Trust Bank`s international trade finance business. Trade Innovation operates on the Microsoft Windows NT platform in a client/server environment.
Mr Chris Mvulo, Manager of Trust Bank`s International Banking business, points out, "International Trade Finance is a very competitive market sector; with an extensive customer base such as ours, it is essential that we can provide an efficient and cost-effective service to satisfy our clients` requirements and remain competitive."
In addition to being integrated with Equation, Trade Innovation can also be linked to the bank`s Internet banking system. The system offers the option for clients to access the system via their PC to initiate requests or track the progress of Letters of Credit, as well as providing a direct link to the SWIFT network.
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Misys International Banking Systems
Misys International Banking Systems, a wholly-owned subsidiary of Misys plc, is the world`s premier supplier of solutions to the global banking and financial services industry, with annual sales of more than lb200m. The company has an extensive network of international branches located in 29 countries around the world and employs over 1,600 staff. The Misys product range includes solutions for wholesale and retail banking, treasury and capital markets, trade finance, private banking and risk management.
Misys plc, a FTSE-250 company, is one of the world`s leading software products suppliers. Misys partners with its customers to deliver outstanding IT solutions to essential industries. The group develops and licences products to the international banking and securities, US healthcare, and UK retail financial services sectors. For the 6 months ended 30 November 2001, Misys reported revenues of lb480m and adjusted operating profits (before exceptional items), of lb54m. Misys employs over 6,500 people.
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