"As ICCREA transforms its business, we are helping it to address its present and future needs with an integrated, innovative and scalable system" - Nadeem Syed, CEO of Misys.
London, United Kingdom (PRWEB UK) 21 November 2016
ICCREA Banca, a holding of the Iccrea Banking Group, has selected Misys FusionCapital to drive transformation and innovation across its Italian trading business. This new project provides front office and consolidated post-trade processes to improve straight through processing (STP) and improve risk management.
Under the agreement, ICCREA Banca expects to reduce operating costs by €5 million over 10 years. The bank will also be able to extend its Misys software licence across the Credit Cooperative bank network (BCC), as it provides enhanced services to these organisations.
“We are keen to work together with Misys on this transformational journey to directly contribute to the evolution of the solutions, reduce costs and gain competitive edge for us and on behalf of the Italian Credit Cooperative System. Moreover, the partnership with Misys will afford us huge cost savings as well as assist us in transforming our technology and business,” said Leonardo Rubattu, General Manager at ICCREA Banca.
FusionCapital enables ICCREA Banca to consolidate its capital markets systems on state of the art infrastructure. Centralising operations and processes will ensure transparency and a consistent, single user experience across the entire business. The end-to-end post-trade processing solution will streamline processes, making them more cost effective and lowering total cost of ownership.
Nadeem Syed, CEO of Misys, said: “The power of FusionCapital to support the bank in streamlining operations and doing away with silos is not to be underestimated. As ICCREA transforms its business, we are helping it to address its present and future needs with an integrated, innovative and scalable system. ICCREA will have a better handle on reporting and risk management in order to fulfil its regulatory obligations. This deal reflects our customer-centric approach and our extended partnership, built on over a decade of collaboration. It will provide a solid foundation for continued future work with ICCREA Banca.”
ICCREA Banca already uses Misys lending software to support a broad range of front-to-back processes and other activities such as non-negotiable derivative pricing, derivative pricing, and collateral management.
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About Iccrea Banca and the Iccrea Banking Group
Part of the Italian cooperative credit system, the Iccrea Banking Group is made up of Companies that provide exclusive products and services to 350 BCC-CR (Banche di Credito Cooperativo e Casse Rurali –Cooperative Credit Banks – Rural Savings Banks) in Italy. It develops the market of the BCCs (Cooperative Banks) to support the local customers with a broad and personalised offer system, products, services and business strategies. Iccrea Banca directs and coordinates the companies of the Group and centralises services relative to the principal functions of governance and control. It supervises and manages the banking, financial and service activities to the BCC.
We provide the broadest, deepest portfolio of financial services software on the market. Our solutions cover retail and corporate banking, lending, treasury, capital markets, investment management and enterprise risk. With more than 2,000 customers across 125 countries our team of domain experts and partners has an unparalleled ability to address industry requirements at both a global and local level. We deliver market leading solutions by putting customer needs at the centre of everything we do. We offer a unique componentised, open architecture to enable our clients to innovate, connect and expand their existing services and increase value faster. 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. For the latest news, interviews, videos and features from the financial technology industry visit http://www.fusionwire.net.