London, 15 February 2006 – Misys Banking Systems announces today that ICCREA Banca, one of the largest cooperative banking groups in Italy, has gone into production with Misys Summit. The multi-asset class treasury and capital markets solution is live to 30 users handling the Bank’s trading and back office operations in one integrated system. It provides integrated coverage for a wide variety of trades such as: bonds, equities, foreign exchange, money market instruments, and exotic OTC derivatives. Misys Summit’s Accounting module has also been implemented to ensure that ICCREA Banca complies with the latest IAS39 regulation for hedge accounting and to provide regulatory reporting to the Central Bank of Italy.
“Misys Summit is core to our strategy to streamline our IT architecture, reduce processing times and improve data quality. The rules-based workflow means that the system manages the trades to our pre-defined criteria and enables confirmations, settlements and payments to happen automatically, without human intervention. Our trades are now easier to manage with thanks to the real-time architecture that gives our traders a constant view of their positions,” says Franco Caporrella, Head of IT for ICCREA Banca.
One of the business drivers behind the Bank’s decision to choose Misys Summit was their need to integrate structured products into the new system. “Structured trading is a growing market for us and during our evaluation we looked at Misys MUST. Although we are planning to add this module in phase two of our project, we could easily see that MUST would give us the power to process structured products with the ease of any vanilla instrument. MUST will help us compete effectively in this lucrative market and to provide better services to the 534 cooperative banks (Banche di Credito Cooperativo) within the Group,” adds Ermanno Rapone, Head of Treasury and Capital Markets for ICCREA Banca.
The Bank will conclude its front to back integration by implementing Misys Summit’s risk management modules in a further phase, providing a single architecture that will link exposure across business lines, portfolios and products. It will cover all aspects of enterprise wide and desk level risk analytics for the Bank including market risk control and Monte Carlo VaR, with credit risk covering counterparty limits checking and monitoring.
Michael Ctorza, Italian Market Sales Manager for the Misys Summit system comments, “I would like to thank the Misys experts, ICCREA’s project team and ICCREA’s external consultants who worked in partnership to ensure a go-live in front office and back office within only nine months. Within this timeframe we also produced special interfaces such as to the Central Bank of Italy and ICCREA’s general ledger. We expect the bank to see immediate benefits from using Misys Summit for all its trading, risk management and back office, and look forward to working with the Bank on the next phase of the project.”
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For further information please contact:
Suzanne McLaughlin
Global Marketing Communications Manager, Treasury and Capital Markets
Misys Banking Systems
Tel: +44 (0) 20 7549 4710
Email: Suzanne.mclaughlin@misys.com
Franco Caporrella
Head of IT department
ICCREA Banca SpA
Tel: +39 06 47 16 51
Email: fcaporrella@iccrea.bcc.it
About ICCREA Banca
ICCREA Banca (Istituto Centrale del Credito Cooperativo) is part of Iccrea Holding SpA, which is one of the largest co-operative banking groups in Italy. The bank is a primary dealer on the government bonds market but also trades corporate bonds, foreign exchange, money market instruments, equities, OTC derivatives, and listed derivatives on the Milan Stock Exchange. Iccrea aims to help the activities of all cooperative credit banks in Italy (i.e. Banche di Credito Cooperativo – BCC), offering a wide range of services to single banks in local markets such as data processing and credit intermediation.
For more information, visit www.iccrea.it
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, combining technological expertise with in-depth understanding of customers’ markets and operational needs. In banking Misys is a market leader with over 1,200 customers, including 49 of the world’s top 50 banks. In healthcare Misys is also a market leader, 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 about 7,800 financial advisers in the UK. Misys employs over 6,500 people who serve customers in more than 120 countries. For more information, visit www.misys.com
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