CBA extends contract with Misys for corporate banking software in the cloud
Commonwealth Bank of Australia (CBA) has signed for a “cloud-ready single platform” from its long-standing software supplier Misys to support its corporate banking operations outside Australia.
The solution includes the following products from the FusionBanking family:
- Loan IQ (syndicated/corporate lending)
- Trade Innovation (trade finance)
- Corporate Channels
- Credit Management Enterprise
- Essence (core)
- Payment Manager
The bank is also considering Misys’ FinCloud offering.
CBA’s group executive of enterprise services and CIO, David Whiteing, comments the bank “has been using cloud services domestically for many years” and the agreement with Misys will enable it to extend the cloud strategy to its institutional and business banking operations outside of Australia.
The new “single, simple platform” will support CBA’s operations outside its domestic market, according to Misys, in Asia, Europe and the US.
The vendor adds that it was selected by CBA “after an extensive review of the market”.