Company Overview
GENERAL INFO
HQ: London, UK Ownership: Private Founded: 1979 # Islamic Users: 43 # Staff: ~5000
Key Clients: AB Bank, Arab Bank, National Bank of Pakistan, Masraf Al Rayan, OSK, AmBank
• Owns a host of back office systems • Islamic banking functionality is a recent offering • Misys merged with D+H in 2017, to form Finatsra
• Misys owns two long-standing, IBM/iSeries/AS- 400 based offerings: Midas and Equation and Fusionbanking (formerly Bankfusion) is relatively new
Product Overview
• Key functionalities: (Equation) GL, current and savings account, remittances, loan, CRM, FX, MM, Islamic financing products, Islamic investments, Islamic trade finance; (Midas) GL, FX, MM, loans, Islamic finance products, full trade finance processing, letter of credit and guarantee; (Opics) FX, MM, capital markets, derivatives, GL hedge accounting, International commodity and Islamic investments; (Fusionbanking) GL, current and savings account, remittances, retail deposits, loans, FX, MM, Islamic finance
Key Highlights
• Misys offers digital banking software that stems from the acquisition of specialist vendor, IND
• Customers across multiple geographies, majority are in the Middle East, Western Europe, and Asia Pacific
Finastra (Misys)
BANKFUSION UNIVERSAL BANKING, EQUATION/BANKFUSION EQUATION, MIDAS/BANKFUSION MIDAS, TRADE INNOVATION, OPICS/OPICSPLUS
Misys has a host of back office systems. It owns the two leading IBM iSeries/AS/400-based offerings, Midas and Equation. It also has the Kindle-derived Bankmaster. Alongside these are the commercial and syndicated lending system, Loan IQ, and trade finance system, Trade Innovation. As a flagship universal banking system it now has the newer Java-based Bankfusion. A brace of treasury and capital markets systems (Opics and Summit) reside in Misys Treasury and Capital Markets (TCM), with Sophis also added in 2010. Then added to this has been the Thomson Reuters-derived Kondor+ business, following the 2012 acquisition of Misys by US venture capital firm, Vista Equity Partners (Vista had acquired the Thomson Reuters business not long before winning the chase for Misys). Misys was combined with D+H Corporation to form Finastra in June 2017. The company has grappled over the years with the positioning of its various systems. Bankmaster, out of Ireland-based Kindle, was a strong offering in the past in developing markets and, while there are still users out there, it is no longer proactively marketed. Bankfusion is positioned as the direct replacement. Equation and Midas have large user bases but sales have diminished in recent years. After some u-turns, Bankfusion is now the way forward for overhauling and adding functionality to these, as well as being offered as a universal banking system in its own right. Life is less complex with complementary systems, Trade Innovation and Loan IQ, as there are not competing systems in the Misys suite. In terms of solutions offering Islamic functionality, Bankfusion, Equation, Midas, Trade Innovation and Opics are all relevant. Summit is also able to support Islamic products, displayed by its selection for this purpose by OSK in Malaysia in 2010.
162 Islamic Report
www.ibsintelligence.com
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