Russian Bank Chooses Misys; Processing Solution Wins New Mandates

Misys Wholesale Banking Systems has announced that Vneshtorgbank (VTB), Bank for Foreign Trade, one of the three largest universal banks in Russia, has chosen Misys Trade Innovation for its trade finance operations. As one of the country’s largest banks, VTB has a wide network of branches in Russia and abroad and is still expanding. Misys said that its Trade Innovation product had seen 23 new customers signed in the last twelve months, and it now has a total of 163 customers in 220 sites across the world. Misys Wholesale Banking Systems has reached agreements with four major banks to implement its global processing solution, MidasPlus. The banks include HBOS, OCBC, Industrial and Commercial Bank of China (ICBC) and Bank of India. All of these banks will be using MidasPlus for global processing, allowing them to run one central system internationally instead of supporting different technologies worldwide. HBOS and Bank of India are currently implementing the solution, whilst OCBC and ICBC are starting initial rollout planning. This brings the total number of customers for MidasPlus to 17


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