Misys has announced it to create a new retail-banking unit to focus on one of the fastest-growing segments of the banking IT market. The company says that as part of Misys International Banking Systems, it will be the largest vendor of retail banking systems outside the US.
Misys says the new unit, Retail Banking, will combine the strengths of Kindle’s Bankmaster product range with the Equation product in Misys International Banking Systems. The company expects the new unit to generate revenues in excess of £60m,and account for nearly 20% of total revenues in the Misys Banking and Securities Division.
Kevin Lomax, Chairman of Misys, said:
With the creation of Retail Banking, Misys is building on the significant presence it already has in this marketplace with nearly 600 sites using our systems. We believe the trend of replacing systems developed in-house with software developed by vendors such as Misys – already well advanced in segments such as Treasury, Capital Markets and International Branch Banking – will gather momentum in Retail Banking.
In-house mainframe solutions are increasingly unaffordable and cannot be adapted fast enough to meet new demands, such as multi-channel, high-touch retail services and 24 hours a day, 7 days a week banking. Combining the Bankmaster and Equation teams will give us the critical mass of assets and skills which are necessary to offer the best technology, products and services to our customers.
Earlier Misys announced it has agreed a multi-million pound contract with the NHS to provide five London hospitals with computer systems.