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Head office: One Kingdom Street, Paddington, London, W2 6BL, UK Tel: +44 (0) 20 3320 5000 Email:
edward.taylor@misys.com Other offices: Australia, Bahrain, Brazil, Canada, Chile, China, Columbia, Ecuador, France, Germany, Hong Kong, India (Bangalore), Indonesia, Ireland, Italy (Milan), Japan, Kenya, Luxembourg, Malaysia, Mexico, Netherlands (Utrecht), Philippines, Poland, Portugal, Romania, Russia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, UAE, US, Vietnam Website:
www.misys.com Contact: Edward Taylor, Global Head of PR Founded: Misys was founded in 1979 Ownership: Vista Equity Partners Number of staff: Approximately 5000
Equation
Equation started life as KIBS and was launched by Kapiti in 1977 with Bank of New Zealand its first site. There were versions for the IBM midrange, mainframe and Wang. The latter two versions were dropped in the mid-1980s. The system was renamed as Equation in 1988, with the arrival of the AS/400. Equation was the main rival to BIS’s IBM midrange-based back office system, Midas, filling the number two slot in terms of sales. The two systems came under single ownership in 1995. It remains firmly tied to the iSeries, with a Java rewrite having failed (this was to have produced a version called EquationPlus). The Bankfusion strategy was a direct replacement for this route, with the Java layer intended to ‘wrap’ the iSeries core. In the beginning, Equation was basically a corporate banking system but, over the years, it was broadened so that today it is marketed as a retail/universal banking solution. Kapiti was Misys’ first foray into the banking systems market, picked up in 1994. When it bought ACT Financial Systems a year or so later, it saw multiple back office systems under one roof, as this company also had both Midas and Bankmaster by this stage. Equation was traditionally the strongest from an Islamic banking perspective and built up a solid user base here.
Among the notable deals, coming in 2003, was a win for Equation at Europe’s first domestic Islamic bank, the fledgling Islamic Bank of Britain. It opted to install Equation along with Trade Innovation. This was done after considering offerings from Malaysia-based Silverlake (its SIBS system) and the Islamic version of Phoenix, which at that time resided with
London Bridge. The Islamic banking support of Equation was deemed by Islamic Bank of Britain to be strong and proven, via a number of sites in the Middle East. It has since upgraded to Bankfusion Equation. Europe Arab Bank (EAB) also in the UK did not agree, however, and opted in 2007 to implement Path’s iMal for Islamic banking although its conventional banking activities were centred on Equation. Misys’ Islamic module was thought to be unsuitable on the grounds that it was ‘fairly retail-based’ and not very comprehensive in terms of product coverage.
In September 2007, the vendor claimed further success for the Islamic Equation offering at Al Baraka Banking Group (ABG), a subsidiary of Dallah Al Baraka, which selected the system for three sites comprising Bahrain, Beirut, and Durban in South Africa. ABG was made up of ten banks in different geographies around the world, and was by this stage one of the largest Islamic banking groups in existence. Dallah Al Baraka was already using Midas and Trade Innovation for the three locations plus Saudi Arabia. A project later began to implement Equation in Egypt. Nonetheless, in spite of this, both Al Baraka Sudan and Al
Baraka Algeria went on to select Path’s iMal for Islamic banking in 2008. Al Baraka Islamic Bank in Pakistan had initially been heading towards Equation but, by 2012, the acquisition of a larger bank in the country brought a change of plan, with its local software (Autosoft’s Autobanker) adopted instead. According to Basit Tansir, head of IT at the bank in 2012, the Equation implementation was not straightforward. Problems had included missing Islamic functionality in a number of areas and quality assurance issues when it was delivered. There were also support issues, as well as problems tailoring
Islamic Report
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company details
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