FirstMerit Bank Selects Misys' Banking Solution for FX and Trade Finance
US bank, FirstMerit, has licensed Misys’ integrated international banking solution covering foreign exchange (FX) and trade finance processing from the front to the back office. The suite of products includes Misys Opics Plus, Misys Portal for Opics Plus, TI Plus and Misys Trade Portal.
This new agreement allows FirstMerit to provide its customers with a web-based front-end and a best-of-breed back office processing system for trade finance and FX solutions. Misys will provide the software as a service using its SAS70-certified hosting capability.
The Misys portal will support the bank’s goals to expand its international banking products globally. FirstMerit will be able to provide international banking customers with a range of products and services to meet a variety of FX and trade finance needs, through a single web-based portal. This includes spot, forward, window forward, non-deliverable forward (NDF), swaps, time options, bank notes, drafts, wires, letters of credit (LCs), standbys and collections.
“The Misys solution will especially help improve our operational efficiencies and provide a platform from which we can grow our business,” said Craig Schurr, senior vice president (SVP) and manager, international banking division. “We engaged an extensive analysis of vendor-based systems and Misys was the only company able to provide a single hosted customer front end and integrated back-office systems for both FX and trade finance, without involving a third party.”