10th July 2006 - Misys Banking Systems, a global leader in banking software and solutions, announces today that Reykjavik-based bank, Glitnir, will implement Misys Almonde to maintain its competitive edge and be in the best position to comply with Basel II and future regulations.
Misys Almonde, the compliance and performance management platform from Misys Banking Systems, will automate regulatory reporting within the bank, giving it a comprehensive view of credit risk exposures. Glitnir will prepare its operations to be able to comply with Basel II ahead of any other Icelandic bank using the Misys Almonde platform.
The Central Bank of Iceland, the country's regulator, is at present looking at the timescales for joining the accord. However, Glitnir's management has decided that it makes economic and operational sense to implement the platform before it is made mandatory.
"We have chosen Misys for its extensive knowledge of Basel II and the requirements around it," comments Pall Isberg, Glitnir's Executice Director and head of projects. "By implementing Misys Almonde, we will also be able to maintain our competitive edge safe in the knowledge that we can meet the ever-changing demands on us in both regulatory compliance and risk management. The first phase is to install Misys Almonde at our headquarters in Reykjavik".
Mark Davies, general manager, Misys Almonde, Misys Banking Systems, adds, "We have a great track record of equipping banks with the best technology for any compliance requirements. We are delighted that Glitnir is the first Icelandic bank to join the long list of financial institutions around the world that rely on our market-leading Basel II solution. Our world-class professional services team will work with the executive team at Glitnir to implement the solution. We look forward to working alongside the team at Glitnir for all the bank's regulatory and risk management requirements in the future."
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For further press information, please contact:
Caroline Parker
Financial Dynamics
0207 269 7295
caroline.parker@fd.com
Edward Taylor
Global Head of Public Relations
Misys Banking Systems
+44 (0) 208 486 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.L), 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 110,000 physicians in 18,000 practice locations, 1,200 hospitals and 600 home care providers. Through Sesame, a wholly-owned subsidiary, the company is also a leading provider of support services to financial advisers in the UK. Misys employs around 6,000 people who serve customers in more than 120 countries. For more information, visit www.misys.com
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