Misys Platform Aids Bank of Cyprus Expansion into New Geographies
Bank of Cyprus has selected the Misys Equation platform for its enterprise-wide core banking system. The bank is consolidating all information technology systems under a common IT platform with the goal of decreasing the cost of maintenance and operational support of its IT infrastructure. The solution from Misys will be at the core of this so-called ‘1bank’ concept, enabling the bank to consolidate its core banking systems into one, reducing costs and improving efficiencies. The bank hopes that this will also allow it to expand more rapidly into new territories in the future.
Bank of Cyprus has a stated strategy to maintain its position in all sectors and continue to expand its business outside Greece, Cyprus, Australia and the UK, developing its international business in Russia, Ukraine and Romania. The track record of the Misys solution, particularly in those countries that are target markets for the bank’s future expansion, was crucial in the agreement.