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SOYUZ Bank chose Microsoft partner Misys’ Equation core banking platform as well as the Misys Trade Innovation trade finance system to improve reporting and analytical capabilities and support growth in its universal banking business through standardizing on a more unified platform for varied services. By servicing retail, corporate and investment banking through compatible and integrated platforms the firm also expects to significantly reduce operating costs.
Misys has served customers in Russia and the former Soviet republics that now make up the Commonwealth of Independent States (CIS) for fifteen years since first establishing an office in Russia in 1992. SOYUZ Bank said it chose Misys because of its presence and support in the region as well as the level of localization of its solution. Volumes of consumer loans in Russia have grown by more than twelve times over the last four years, according to Guy Warren, executive vice president and general manager of Misys’ banking sector.
“We are constantly improving the way we deliver results to our customers and we needed a solution that would support our development over the foreseeable future,” said Vladimir Smirnov, deputy chairperson of the board of SOYUZ Bank, adding that Misys Equation would provide the bank with an overall IT upgrade, while also allowing easy implementation of new trade finance capabilities.
Misys Trade Innovation is Windows-based with a Windows GUI (graphical user interface), an object-oriented design and the use of industry-standard features such as OLE and Active X. This enables connectivity with Microsoft Word for document production as well as other third-party packages. Misys Equation is an integrated, multi-currency, multi-lingual retail banking system, with support for all areas of the bank's operation from a single automation platform. At the core of the system is a global database that is fully relational and SQL-compatible. The core management system maintains the database and provides a set of common services used by the various applications in the system.