Bank to reduce operating costs, saving €5 million over 10 years
ICCREA Banca, a holding of the Iccrea Banking Group, has selected Misys FusionCapital to drive transformation and innovation across its Italian trading business. This new project provides front office and consolidated post-trade processes to improve straight through processing (STP) and improve risk management.
Under the agreement, ICCREA Banca expects to reduce operating costs by €5 million over 10 years. The bank will also be able to extend its Misys software licence across the Credit Cooperative bank network (BCC), as it provides enhanced services to these organisations.
“We are keen to work together with Misys on this transformational journey to directly contribute to the evolution of the solutions, reduce costs and gain competitive edge for us and on behalf of the Italian Credit Cooperative System. Moreover, the partnership with Misys will afford us huge cost savings as well as assist us in transforming our technology and business,” said Leonardo Rubattu, General Manager at ICCREA Banca.
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FusionCapital enables ICCREA Banca to consolidate its capital markets systems on state of the art infrastructure. Centralising operations and processes will ensure transparency and a consistent, single user experience across the entire business. The end-to-end post-trade processing solution will streamline processes, making them more cost effective and lowering total cost of ownership.
Nadeem Syed, CEO of Misys, said: “The power of FusionCapital to support the bank in streamlining operations and doing away with silos is not to be underestimated. As ICCREA transforms its business, we are helping it to address its present and future needs with an integrated, innovative and scalable system. ICCREA will have a better handle on reporting and risk management in order to fulfil its regulatory obligations. This deal reflects our customer-centric approach and our extended partnership, built on over a decade of collaboration. It will provide a solid foundation for continued future work with ICCREA Banca.”
ICCREA Banca already uses Misys lending software to support a broad range of front-to-back processes and other activities such as non-negotiable derivative pricing, derivative pricing, and collateral management.