New core banking system set to boost productivity over next two years
9th December 2005 – Investec Bank (Mauritius) Ltd has signed a deal with Misys Banking Systems to use Misys Bankmaster Plus as its core banking system. The Misys Bankmaster Plus solution will run across all Investec Mauritius lines of business, including private banking, treasury and strategic finance.
Misys Banking Systems will configure, build, install and implement the Bankmaster Plus solution for Investec Mauritius offsite in its product development centre. This is an important bonus for the bank which has a relatively small number of staff and thus cannot commit large teams to work on IT development projects.
Adopting the new solution will see productivity at the bank boosted over the next two years, and will allow the bank to offer faster response times to its customers. The bank will improve both sides of its already excellent cost/income ratio.
Using the Misys solution will also enable Investec Mauritius to improve its customer relationship management functionality and identify areas where it can offer additional products more effectively across its customer base. At the same time the automated charging of fees and commissions will reduce the manual workload and allow more of the company’s staff to work on front office duties. Misys Bankmaster Plus will further improve the bank’s credit, debt and recovery processes.
Simon Measday, account manager at Misys Banking Systems, explains: “We were delighted to work with Investec on this project, having already supplied Bankmaster Plus to its office in Dublin with great results. This experience enabled us to offer a very short implementation time, at a very competitive price and provide a comprehensive return on investment model for the bank.”
Shawn Thompson, chief operating officer of Investec Mauritius, adds: “We looked at a number of solutions for our new core banking system and knew that we needed one that could be implemented quickly, accurately and cost effectively, whilst providing the functionality that will allow us to achieve our ambitions. The Misys solution fulfilled all these criteria and the implementation is already underway”.
The new core banking system will bring real benefits to the bank’s customers – particularly in the area of electronic transfer of information to its international client base.
For further press information, please contact:
Alex Jacob/Dan Davies
Financial Dynamics
0207 269 7282 / 7282 293
alex.jacob@fd.com / dan.davies@fd.com
Edward Taylor
Misys Banking Systems
0208 486 1661
edward.taylor@misys.com
About Misys Banking Systems
Misys Banking Systems supplies over 1,200 customers in over 120 countries, among them 49 of the world's top 50 banks, with software and solutions for retail banking, wholesale banking, treasury and capital markets and risk management. It has 2,600 people around the world, over 70% of whom are outside of the United Kingdom, and sales, implementation and customer support teams in over 28 countries. Misys Banking Systems is part of Misys plc.
About Misys plc
Misys plc (FTSE: MSY), the global software company, is one of the world’s largest and longest-established providers of industry-specific software. Founded in 1979, Misys serves the international banking and healthcare industries and the UK general insurance industry, combining technological expertise with in-depth understanding of customers’ markets and operational needs. In banking Misys is one of the top four software providers worldwide and the largest outside the US, with over 1,200 customers, including 49 of the world’s top 50 banks. In healthcare Misys is a top five software provider in the US market, serving more than 92,000 physicians in 18,000 practice locations, 1,250 hospitals and 600 home care providers. In UK general insurance Misys is the market leader in software solutions. Through Sesame, a wholly-owned subsidiary, the company is also a leading provider of support services to over 8,000 financial advisers in the UK. Misys employs over 6500 people who serve customers in more than 120 countries. For more information, visit www.misys.com
Misys. Making things that really matter, work better.
About Investec Bank (Mauritius)
Investec Bank (Mauritius) Limited, a wholly-owned subsidiary of Investec Limited, was established in 1997. Initially the Bank focused on concluding structured finance transactions, primarily for its South African client base. It has since expanded it’s banking business to cover a wider range of products, including property finance into most of the geographical regions where the Group has a footprint.
The Bank employs 37 local and expatriate staff on the island and has a balance sheet of over USD 1 Billion as at the end of March 2005.
The services offered by the Bank includes:
• Property Finance – exclusive residential and commercial property finance, focusing on the South African and UK markets.
• Structured Finance – customised debt and equity products to meet the investment needs of corporate and private clients.
• Corporate Lending – medium to long-term finance.
• Forex - transacting in all major foreign currencies. A wide network of correspondent banks and SWIFT capability ensures a rapid and efficient service for transfer of funds.
• Derivatives – all mainstream derivatives in the interest rate foreign exchange and commodity markets.
• Deposit taking – deposits from corporate clients and private individuals in major foreign currencies e.g. USD, GBP, EURO and ZAR. The Bank offers attractive rates and the flexibility of a multi-currency account.
• Advisory Services – covering structured finance, project finance and debt origination.
• Trustee & Fiduciary Services – through Investec Trust we can access the skills necessary to enable the custodians of capital to find the best possible methods of structuring, managing and protecting assets.
• Asset Management – facilitate clients wishing to invest in Investec Asset Management products in the Channel Islands and the UK.
• Securities Trading – facilitate clients wishing to trade securities listed on the Johannesburg and London stock exchanges.
Investec is highly supportive of Mauritius’ endeavours to position itself as an financial service centre in the SADC region and to encourage the development of these activities according to the highest international ethical and regulatory standards.
