Misys Acquires Gandacar Consulting's US Payments Engine
Misys, an application software and services company, has acquired Gandacar Consulting Limited’s (GCL) technology to enhance its transaction banking offering in the US. The deal with GCL includes the intellectual property, software and expertise behind the ST-Pymnts, TradeWatch, OFAC and FinCEN products.
Misys had previously integrated the GCL solutions within its offering and currently has 15 customers benefiting from the partnership in the US. Acquiring and fully integrating the software and IP into the Misys offerings and roadmaps will provide an opportunity for banks looking to improve their global footprint.
GCL’s experience of US domestic payments, including FED (Federal Reserve’s Fedwire funds transfer service) and Clearing House Interbank Payment Systems (CHIPS) complements Misys’ global knowledge of payments hubs and connectivity to SWIFT. GCL’s US-centric payments engine will be combined with existing Misys international payments capabilities so that not only will US-based banks now have an easier path to international expansion but also non-US banks can add US connectivity to their international payments processes.
“We are extremely pleased to be able to bring these capabilities under a single roof and enable Misys to offer more comprehensive transaction banking and payment solutions to our customers as part of our portfolio,” said Amar Naher, regional sales director banking, North America, Misys. “We have significant experience in both international and domestic payments services and technology and this will help to further enhance those offerings. We now have a US payments engine over which we have total control for all our core systems available for North American banks, paving the way for our transaction banking solutions to penetrate the US market further.”