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technology at home and globally in 2011 with Bankfusion Universal Banking and Trade Innovation, as well as Sophis’ Value and Risque solutions. Bankfusion was selected versus Temenos, FIS and Oracle FSS. In fact, the Bankfusion and Trade Innovation projects only commenced in March 2014, with the initial focus being the Sophis-derived trading and risk management system. Despite the optimism and apparent
Corporate changes
As a backdrop to all of this, the company has undergone major corporate change in the last couple of years. Following a period of much needed stability under Lawrie, a number of corporate twists culminated in the arrival of venture capital company, Vista Equity Partners, with an offer that valued the company at around £1.3 billion. The deal closed in June 2012. Lawrie departed at the same time.
The new owner set about bringing together the businesses of Misys and its other recent acquisition in the banking software space, the trading and risk management business derived from Thomson Reuters. The combined company started with 1800 clients worldwide and claimed it would ‘provide the largest and most comprehensive suite of capital markets and banking solutions in the industry’. By late 2012, Vista-derived CEO, Bret Bolin, stated that all
products which were now under the Misys umbrella would continue to be developed and supported. ‘Our commitment for all products and clients, as we announced on day one, is still there,’ he said. There was no rebranding on the agenda, as many solutions have ‘a strong brand equity and value’. He also categorically stated that there were no plans to sell off the banking unit and that Bankfusion was a ‘vital area’ for Misys. ‘We are very excited about Bankfusion and we are committed to it,’ he said. Misys’ intention was to add two non-capital banking clients for every capital banking one, he added. Promising markets were cited as Central and Eastern Europe, Sub-Saharan Africa, Latin America and parts of Asia. For these markets, Misys had been working on ‘developing a shorter cycle – both time- and cost-compression – from selection to value of core banking software’. However, Bankfusion was still far from taking the market by storm. In terms of new name wins for Bankfusion during 2011, there were four rather low-end licence wins for Bankfusion Universal Banking, and one further new name signing for Bankfusion Midas, with some Bankfusion Equation additions as well, but still relatively slow progress from both a sales and cut-over perspective, albeit in tough market conditions. Failures and successes were apparent for Bankfusion by 2013.
investment in Islamic banking, the few new name deals for Bankfusion Universal Banking in 2012 and 2013 did not include this aspect. In January 2017, Qatar International Islamic Bank (QIIB) implemented the new version of Misys’ core system for Islamic banks, FusionBanking Essence Islamic, front-to-back office.
Banco Finantia, a private bank and investment manager in Portugal, succeeded in upgrading from Midas to Bankfusion Midas, on time and on budget in Q1 of 2013. This contrasted with another Portuguese player, Caixa BI, which made an earlier attempt at the same upgrade, and failed. Another unsuccessful project was at the aforementioned Bermuda Commercial Bank, but there did seem to be a cut-over at Bank of Ceylon in London with Bankfusion Universal Banking in 2013.
A few more banks opted for the Bankfusion upgrade path in 2013. These included AB Bank and IFIC in Bangladesh (both chose to replace Equation with Bankfusion Equation) and ABSA Bank in South Africa, which decided to move from Midas to Bankfusion Midas. Also in 2013, Tanzania’s CRDB extended its use of Bankfusion to its operations in Burundi. In Germany, Maple Bank became a new Bankfusion taker, having abandoned its Temenos’ T24 roll-out. The bank was also one of the first takers of Misys’ new offering in the TCM space, Global Back Office (the processing component the Capital Markets Fusion platform). Early 2014 brought a significant Bankfusion win in the UK, at Student Loans Company (SLC), where Deloitte and HCL jointly bid with Bankfusion Universal Banking as the core system. SLC said it would invest up to £100 million to replace its core software when it embarked on the system selection in 2013. At the time, the government-owned lender had four million customers, paying out £6 billion in maintenance loans and grants, and £4 billion in tuition fees. On the product front, IND, a Hungary-based mobile banking
software developer, looked an important acquisition in early 2014. The two companies had struck a partnership the previous year, which brought the IND product into the Misys portfolio, marketed and sold as Bankfusion Digital Channels. Work had been under way on the integration between the channel offering and Bankfusion, to create an integrated, front-to-back office banking platform. Bankfusion Digital Channels is also still positioned as a standalone solution that can be integrated with other core banking systems. Balázs Vinnai, one of the three founders and CEO of IND (and now GM of the digital channels business at Misys, reporting
Islamic Report
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