Iccrea Banca has selected the Misys FusionCapital service to drive innovation and reduce operating costs across its Italian trading business.
Implementation of the technology is intended to improve straight-through processing and risk management for consolidated back-office processes. It will allow the bank to provide a single infrastructure for its capital markets systems, providing a more consistent single-user experience.
The Misys FusionCapital service should improve transparency, while streamlining processes and therefore making the bank more cost efficient.
Iccrea Banca plans to save €5 million in operating costs over the next 10 years.
The bank already uses Misys lending software to support front-to-back processes including derivative pricing and collateral management. It is now expected to roll the Misys software out across its Credit Cooperative bank network.
Leonardo Rubattu, general manager at Iccrea Banca, said: “We are keen to work together with Misys on this transformational journey to directly contribute to the evolution of the solutions, reduce costs and gain competitive edge for us and on behalf of the Italian Credit Cooperative System.”
“Moreover, the partnership with Misys will afford us huge cost savings as well as assist us in transforming our technology and business.”
Nadeem Syed, CEO of Misys, commented: “The power of FusionCapital to support the bank in streamlining operations and doing away with silos is not to be underestimated.”
“As Iccrea transforms its business, we are helping it to address its present and future needs with an integrated, innovative and scalable system. Iccrea will have a better handle on reporting and risk management in order to fulfil its regulatory obligations. This deal reflects our customer-centric approach and our extended partnership, built on over a decade of collaboration.”
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