UK-based Misys, one of the leading global fintech
players with around 1,200 financial services institutions on its
book, has announced a major alliance with Germany’s SAP. The hope
is that the partnership will help the UK group regain lost ground
in the dynamic, ever-competitive international fintech
market.
Misys, the diversified UK IT specialist which announced a major
five-year plan in March this year to turn around its sagging
business, has announced an ambitious alliance with Germany’s SAP to
deliver integrated solutions for the global banking industry.
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In a statement, Mike Lawrie, Misys’s CEO, said: “A key part of our
strategy is developing winning partnerships, and this is a powerful
combination that brings together best-of-class solutions to build
an offering that is unique in the marketplace. This allows us to
reach markets that we have not been able to reach previously and
will enable us to deliver results for new and existing
customers.
“The application know-how and market presence from SAP combined
with Misys’ domain expertise and market-leading position in banking
software will enable global banks to get the best technology and a
broader set of solutions from us.”
Under this agreement, Misys and SAP will work together on an
integrated universal banking solution, based on Misys BankFusion
that will run on the SAP NetWeaver platform. Misys and SAP will
look at integrating SAP components, such as general ledger, into
Misys BankFusion – the aim is to provide banks with a broad set of
solutions from one source. It is intended that the universal
banking solution will be jointly marketed by both companies.
In addition, Misys Trade Portal and Misys TI Plus 2.0 will be
endorsed by SAP to work with the existing SAP for Banking solution
portfolio to offer banks a complete end-to-end solution, enabling
market-leading trade services dedicated to a bank’s trade finance
requirements. The collaboration also includes the integration of
SAP Customer Relationship Management into the Misys retail banking
solution.
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By GlobalDataThe transformation plan outlined back in March set Misys the bold
target of becoming, according to Lawrie, “the leading application
software and services provider to the financial services and health
care industries”.
The key strategic imperatives outlined included: driving the
business toward providing software solutions and expanding along
more of the available value chain; developing a focused strategy
and a simplified integrated portfolio for each business – Treasury
& Capital Markets, Core Banking, Healthcare and Services; and
growing the business by developing successful partnerships and
collaborations.
The plan has forecast annual cost savings of £25 million ($50
million) in fiscal 2008, rising to £40 million per year from fiscal
2009. It also planned for total reinvestment of £70 million of
these cost savings from 2008 through to 2011.
For the company’s first interim management statement, published on
19 September this year, Lawrie said Misys was “on track” with its
cost take out and margin improvement work, adding that its banking
business “delivered strong growth driven by a number of valuable
contracts”.
He added: “One of our key strategic imperatives is to develop
winning partnerships and we are executing on that as evidenced by
our agreement with… SAP in global banking where we will work
jointly to build, integrate and market applications that deliver
exceptional value for customers.”
Overall, he concluded: “We are pleased with our performance but
there is a lot of work to do.”
