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With A Little Help From Friends

Misys is building a powerful ASP workstation solution one piece at a time

By John Labate | Updated on May 01, 2006

Treasury cash manager Ross Millard is happy to give his fax machine a rest. He does so thanks to the addition of Misys Treasury Plus, a Web-based trading portal by British vendor Misys PLC. Millard oversees foreign exchange and money market dealings for Europe, the Middle East and Africa, involving many counterparty banks, for ElectroComponents PLC, a $1.4 billion U.K.-based distribution company. Before they had the Misys solution, Millard’s staff would spend much time faxing confirmations back and forth with banking staffs to reconcile transaction details for the company’s treasury workstation. Any one of the 40 or so transactions a week could be worth $10 million or more, so mistakes could be costly. “If the details go astray or if it’s paid late or too early, you could lose money on interest costs,” says Millard. The risk of errors and delays is greatly reduced with the Misys solution, which includes a SWIFT connection that gives ElectroComponents multi-bank access.

Although Misys is best known for its banking and financial services systems, the company has made a steady push into the corporate treasury sector since acquiring the CrossMar Matching System from Citigroup. Around that confirmation and matching functionality, now called Treasury Plus, Misys added trade execution functionality through partnerships with best-of-breed vendors Currenex, 360T and Hotspot. Most recently, Misys added hedge accounting and financial risk management capabilities through a partnership with New York-based vendor Reval.com Inc.

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