National Bank of Oman Sees Growth in Trade Finance and Expands Business by Deploying Misys SolutionBy Misys Plc, PRNE
Tuesday, July 6, 2010
Bank to Boost Trading Volumes, Efficiencies and Broaden Revenue Options via Fully-Integrated Trade Finance System
LONDON, July 7, 2010 - Misys plc (FTSE: MSY.L), the global application software and
services company, today announces that the National Bank of Oman (NBO) has
selected the Misys trade finance solution to allow NBO to expand its business
coverage, meeting customer demands and support its growing trade volumes.
The integrated solution combines the power of the back-office
processing system, Misys TI Plus with the award-winning Misys Trade Portal,
the e-business console. This will enable customers to connect seamlessly to
NBO to conduct their international trade business at the same time as
accessing a wide range of financial supply chain services.
Founded in 1973, NBO is one of the largest banks in Oman and
the first local bank in the Sultanate. It has a paid-up capital of Omani
Rials (OMR) 108.1 million and a regulatory capital of OMR 278 million as of
December 31, 2009. The bank serves its customers through 64 domestic branches
and 170 ATMs, as well as 5 branches in Egypt and 1 in the UAE.
The bank recently conducted a comprehensive evaluation to find
a provider to replace its legacy trade finance processing system. This move
was part of NBO's plan to expand its trade finance business via innovative
trade products and to grow volumes in traditional business areas.
"We were very impressed by the fully integrated front-to-back
trade finance solution offered by Misys," stated Humayun Kabir, General
Manager Wholesale Banking, National Bank of Oman. The corporate Service Level
Agreement-driven workflow and business dashboard incorporated into the system
were important differentiating factors. We are confident that Misys TI Plus
and Trade Portal will help us to meet our growth targets for our traditional
products as well as newer ones, such as factoring."
"NBO has been using the Misys Equation core banking system for
over a decade and after an in-depth evaluation period the management team
confirmed that our trade finance solution would benefit the bank most," added
Roy Froud, Director - Middle East & Africa, Misys. "With our integrated
solution NBO will now be able to grow its volumes, boost efficiency and
broaden its revenue options more effectively."
Misys TI Plus is a flexible back-office automation system that
supports the complete front-to-back trade finance business of banks. The
solution includes customizable workflows that provide visibility and control
over the entire transaction lifecycle. TI Plus enables banks to define
Service Level Agreements for each customer and apply either customer
groupings or bilateral agreements for individual customers. It allows images
of commercial documents to be scanned and retrieved later during processing,
thus reducing paper use and making documents accessible to all parties
involved in the processing.
Misys Trade Portal is an integrated online system that enables
banks to provide a fully-featured console for connecting customers to the
bank over the Internet. Bank customers can process and review their
transactions and receive customized news feeds related to their particular
industries. Trade Portal provides a multibank architecture that facilitates
access to multiple banks and their consolidated transactions. It can handle
traditional trade instruments such as Letters of Credit, Collections,
Guarantees and Financing as well as the growing open account services based
on Purchase Order and Invoice data. In addition to the traditional deployment
model within a bank's infrastructure, Misys also offers Trade Portal as a
hosted solution maintained in an enterprise-class data centre.
Misys has been delivering market-leading Transaction Banking
solutions for over 20 years. Its integrated portfolio of trade finance and
factoring solutions are used by more than 180 banks around the world to meet
constantly changing market requirements.
About Misys plc
Misys plc (FTSE: MSY.L), provides integrated, comprehensive solutions
that deliver significant results to organisations in the financial services
and healthcare industries. We maximise value for our customers by combining
our deep knowledge of their business with our commitment to their success.
In banking and treasury & capital markets, Misys is a market leader, with
over 1,200 customers, including all of the world's top 50 banks. In
healthcare, Misys plc owns a controlling stake in NASDAQ-listed
Allscripts-Misys Healthcare Solutions, Inc, a clear leader in the provision
of healthcare technology, serving more than 150,000 physicians, 700 hospitals
and nearly 7,000 post-acute and homecare organisations. Misys employs around
6,000 people who serve customers in more than 120 countries.
We aspire to be the world's best application software and services
company, delivering results for the most important industries in the world.
Misys: experience, solutions, results
Contact us today, visit: www.misys.com
For further information please contact: Edward Taylor Global Head of Public Relations Misys Solutions for Banking and Treasury & Capital Markets +44(0)20-3320-5530 firstname.lastname@example.org Sebastian Mathews Financial Dynamics +44(0)207-269-7158 email@example.com
For further information please contact: Edward Taylor, Global Head of Public Relations, Misys, Solutions for Banking and Treasury & Capital Markets, +44(0)20-3320-5530, edward.taylor at misys.com ; Sebastian Mathews, Financial Dynamics, +44(0)207-269-7158, sebastian.mathews at fd.com
Tags: July 7, London, Misys plc, Oman, United Kingdom