Commonwealth Bank of Australia picks Misys corporate banking solution

Misys, the financial software company, has been selected by Commonwealth Bank of Australia (CBA) to provide cloud-ready, connected institutional banking technology solutions to support the bank’s services outside of Australia.

Misys made the cut after an extensive review of the market. Although the terms of the agreement are confidential, the official release says that the agreement covers CBA’s operations outside of Australia and will provide a single, simple platform for the bank’s international branches in Asia, Europe and United States of America.

Misys’ connected corporate banking solution will enable digitization of end-to-end business processes that facilitate connected lending, trade and cash management.

“Misys has a long-standing relationship with CBA and so we are in a strong position to help implement a cloud-ready solution to support their institutional banking business,” said Nadeem Syed, CEO at Misys.

Simon Paris, President at Misys, said that Misys’ solution will assist in simplifying CBA’s architecture, inject innovation and add agility, helping the bank to better serve its customers.

CBA has long been a user of cloud services in Australia and is considering deployment options for its new corporate banking platform, including Misys FinCloud. Launched in April 2016, Misys FinCloud is a new range of Cloud solutions and global Cloud environment offering Misys clients the highest standards of security, performance and operating excellence in Cloud operations in the financial services industry.

“Commonwealth Bank of Australia has been using cloud services domestically for many years and this agreement will allow us the opportunity to continue to realise our cloud strategy to support our institutional and business banking operations outside of Australia”, David Whiteing, CBA’s Group Executive of Enterprise Services and Chief Information Officer, said.