Misys wins Fortis Bank deal

Fortis Bank has revamped its transactions and payment processing software across its 1,212 worldwide branches.

The bank, which operates mainly in the Benelux countries, has signed a deal to deploy Misys' MidasPlus with Global Processing in its offices. The software will replace mainframe applications at the bank's four largest operations and improve the speed of cash management services, Misys said.

Herman Verwilst, chief operating officer at Fortis, said: "This deal is of great importance to Fortis. We have put in place an ambitious strategy for accelerated growth while strictly controlling costs. Last week we revealed our detailed strategic plans to the market.

"Fortis is developing a European infrastructure in several domains to increase the service to its customers. As a part of this strategy, Fortis is integrating its support services across borders and businesses."

The system will also include commercial lending, syndication, project finance and financial messaging facilities as the bank plans to open 15 new offices.

Although neither of the companies would disclose the value of the deal, the bank has total assets of €694bn and ranks among the 20 largest financial institutions in Europe.

The deal comes as Misys is streamlining part of its business. It is set to consolidate three of its major products - Misys IQ, Misys Opics and Summit - under a single umbrella, focused on the treasury and capital markets arena.

Ivan Martin, CEO of Misys Banking Systems, said: "It was clear to us that our core solutions have specific strengths that appeal to different customers in different markets. [This] means we can maximise our market strength, accelerate our product development and, most importantly, better serve our customers."