“It was clear that FusionBanking Loan IQ was the most complete solution from the agency perspective for fund accounting and administration, settlements, performance service and loan services,” Robert Tomicic, Partner & Co-Founder, Virtus
New York, USA (PRWEB UK) 14 March 2016
Misys, the leading financial software company, today announced that Virtus Partners (Virtus) has successfully implemented Misys FusionBanking Loan IQ as its full-service agency administration and bank portfolio loan administration platform. The installation was completed in approximately three months. FusionBanking Loan IQ is the world’s leading solution for servicing commercial loans including: structured, project, syndicated, bilateral, asset-based, commercial real estate, agricultural, Islamic and niche lending.
Virtus, the premier provider of tailored fixed-income services, saw a demand for third party agency administration services as non-bank lenders increasingly entered the market as loan originators; and banks and other large financial institutions needed to lower operational costs. By implementing FusionBanking Loan IQ, Virtus can expand its agency administration services to include document tracking, compliance monitoring, loan making, syndication and distribution.
Virtus’ comprehensive outsourcing solutions enable its customers to decouple business risks from operational risks, allowing them to focus on credit origination. “After surveying the landscape, it was clear that FusionBanking Loan IQ was the most complete solution from an agency perspective for fund accounting and administration, settlements, performance service and loan services,” said Robert Tomicic, Partner and Co-Founder at Virtus. “Now we are able to provide a full-service offering to loan originators that want to enter the market quickly and at a reduced cost, and/or for financial institutions that need to reduce operational costs while maintaining institutional-grade back and middle-office functionality.”
Utilising Misys best-practice implementation methodology, the rollout of FusionBanking Loan IQ was completed in just three months and came in under the anticipated budget. The platform, which includes the Misys FusionFabric technology architecture and advanced API integration, enables the easy assimilation of market data and straight-through processing within the Virtus Trade Settlement platform.
“Bank regulators have dictated higher capital requirements, which has forced a scaling-down of balance sheets. This has created a great opportunity for buy-side firms and other non-bank lenders in the syndicated and middle-market lending space,” said Thomas King, Managing Director, Americas at Misys. “These new market entrants need a third party partner that can help them enter the market quickly and efficiently. We are proud to have helped Virtus become that partner through its implementation of FusionBanking Loan IQ.”
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Misys is at the forefront of the financial software industry, providing the broadest portfolio of banking, capital markets, investment management and risk solutions available on the market. With more than 2,000 customers in 130 countries our team of domain experts, combined with our partner eco-system, have an unparalleled ability to address industry requirements at both a global and local level. We connect systems, collect data and create intelligent information to drive smarter business decisions. To learn more about how our Fusion software portfolio can deliver a holistic view of your operations, and help you to solve your most complex challenges, please visit http://www.misys.com and follow @MisysFS on Twitter.