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HypoVereinsbank Implements Misys' Midas Confirmation Matching
HypoVereinsbank will implement the latest version of Misys' Midas Confirmation Matching Solution, which works in conjunction with City Networks' CityNet Matching.
The implementation, currently in progress at the bank's London operation, is expected to be rolled out to its remaining treasury processing and matching branches, including New York, Singapore, Tokyo and Athens.
HypoVereinsbank, part of HVB Group in Germany, is one of the largest Misys customers using the Midas Confirmation Matching Solution. The solution eliminates manual input and thus helps reduce operational costs and losses. The matching facility is designed to maximize match rates and highlight exceptions in real time, controlling the payment process based on the confirmation matching result.
After the confirmation matching system is implemented, the matching solution will be used in conjunction with existing City Networks' implementations of CityNet Reconciliation and CityNet Investigation. The bank expects to see higher match rates and faster processing throughout its back-office operations, states the release.
City Networks is a supplier of software and services to the treasury, securities and derivatives markets, and is a strategic partner of Misys.
This is a move to implement technology that is highly scalable and that provides optimum functionality to serve customers, according to a statement in the release by John Bevil, head of FX/MM Confirmations and STP at HypoVereinsbank. "It is therefore important to us that our operational infrastructure is of the highest standard and that we operate as efficiently as possible, reducing manual input and removing operational risk from the back-office process," Bevil further states in the release.
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