London/Johannesburg, 7th October 2004 – Misys Wholesale Banking Systems (Misys) are pleased to announce that Absa, one of South Africa’s largest financial services organisations, have implemented Misys Message Manager to drive major improvements in their internal SWIFT message processing .The new system was licensed by the bank in February 2004 and, after a short 2 month implementation project, the bank went live in May 2004.
Misys Message Manager provides Absa with a secure, managed and audited connection between their numerous back-office systems and their existing SWIFT Alliance system, allowing the bank to remove a significant number of manual processes. In addition, the system enriches both incoming and outgoing messages to ensure higher levels of straight-through processing (STP) and allows the bank to change message workflows and STP rules quickly and efficiently, in line with changing market practices and regulations.
Patricia Sithebe, Head of Trade Settlements at Absa, says “We are extremely pleased with both the Misys solution and the speed and professionalism of the implementation team. By allowing us to remove many of our manual processes, Misys Message Manager has delivered significant reductions in risks and costs to our business. In addition, the solution supports the new messaging infrastructures that we required to seamlessly take on new SWIFTNet services and XML standards”.
Patricia goes on to say that, ”Absa are now in the enviable position of having a flexible financial messaging solution that gives us a real competitive advantage. For example, since going live on MT103 and MT205 processing in May, Absa have built new processing for MT202s. With Misys Message Manager, it took us just 2 weeks to implement this new MT202 processing, including setting up the mapping and routing rules, the connectivity and testing the new STP environment”.
Over the coming year, Absa plan to rollout the use of Message Manager across all message types in the bank, increasing the volumes processed by the system to 30,000 messages per day. Misys and Absa will also continue to work together in partnership to advance the functional coverage of the solution. Absa will become the first Misys Message Manager site to implement the latest release of the solution, supporting SWIFTNet FileACT and SWIFTNet InterACT.
Mick Fennell, Business Development Manager for financial messaging at Misys, comments “We have built Misys Message Manager as a solution to address the growing requirements of all financial institutions in the SWIFTNet age. It supports multiple message standards including SWIFT FIN, ISOXML, and FIX, and multiple messaging services including SWIFTNet FIN, SWIFTNet InterAct, and SWIFTNet FileAct. We are delighted that the solution has proved to be such a success in its implementation at Absa, and look forward to working with them to advance the solution for the future.”
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For further information, please contact:
Edward Taylor / Jo Brice
+44 (0)20 7269 7295 / 7246
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Head of Marketing & Business Planning
Misys Wholesale Banking Systems
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The Absa Group was formed in 1991 through the merger of UBS Holdings, the Allied and Volkskas Groups and certain interests of the Sage Group and is one of South Africa’s largest financial services organisations, with more than 31,000 staff members serving personal, commercial and corporate customers. The Group also provides products and services to selected markets in the UK, Germany, US, China, Singapore, Hong Kong and elsewhere in Africa.
The Group is a truly South African organisation and strives for global competitiveness. It has targeted international networks and offers a complete range of products and services in personal, commercial and corporate banking and in insurance and financial services.
As of 31 March 2004, Absa had assets of R307 billion, 668 full and subsidiary outlets, more than 4,500 ATMs and South Africa’s largest internet banking customer base.
Absa employs a customer-centric business model with targeted business units serving specific market segments. The Group interacts with its customers through a combination of physical and electronic channels, offering basic products and services for the low-income personal market to customised solutions for the corporate market.
About Misys Wholesale Banking Systems
Misys Wholesale Banking Systems is a trusted provider of innovative technology solutions: over 1,000 employees in 30 offices around the world have built up the domain expertise to deliver world-class solutions with an understanding of local requirements. Misys Wholesale Banking Systems' staff are committed to developing and supporting a product family that embraces trade services, international & regional banking, managed treasury services, capital markets, confirmation matching, continuous linked settlement (CLS), multi-channel banking, commercial lending, FX trading, cash management and financial messaging.
Misys Wholesale Banking Systems is part of Misys plc’s Banking & Securities Division, which serves over 1,200 customers across more than 120 countries worldwide, including 90% of the world's top 50 banks (Source: The Banker, July 2004).
Misys plc, the global software products and solutions company, serves customers in the international banking and securities, international healthcare, and UK general insurance industries. Through a wholly owned subsidiary, Sesame, it also provides business process outsourcing services to independent financial advisors (IFAs) in the UK. Misys partners with its customers to deliver outstanding IT solutions to essential industries, and employs more than 6,100 people internationally. For more information, visit www.misys.com.
About Misys Message Manager
Misys Message Manager is a solution that provides flexible message processing between a bank’s back office systems and their SWIFT interface device. Addressing functional areas such as message generation, validation, routing, archiving, enquiry, and auditing, the solution is a strategic financial messaging solution for the SWIFTNet age. The product is available as a module of Misys back office solutions, but also as a stand alone message processing hub for non-Misys sites, and is already licensed by over 150 sites.
With more than 1,000 Misys sites worldwide processing SWIFT messages, Misys Message Manager is set to become the most widely used SWIFT message generating and processing solution in the world.
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