Misys to expand operations in India

Circuit EC / Bangalore

Misys, a UK-based software product company, has expanded operations in India by opening its third development centre at Bangalore. The latest centre will work on building additional .NET functionality into Risk Vision, Risk Management Systems’ (RMS) risk management product suite. RMS is a unit of Misys’ Banking and Securities Division. The new centre will start operations with 20 people. This will increase to 100 by end-2004. Staff strength will be further raised to 250 by 2006. Misys’ Banking and Securities division already has a development centre in Bangalore for its International Financial Systems unit from where it develops retail banking solutions in co-ordination with another centre in the UK. This centre employs 275 people. Misys’ Hospital Systems unit, a part of Misys’ Healthcare division, also has a development centre in Bangalore.

Jim McGregor, head of development and support, Misys Risk Management Systems said, “We are exclusively focused on developing applications and solutions that allow banks to control risk factors. There is a global opportunity in the European and the US markets. With the 2006 deadline for banks to implement Basel II recommendations, major European financial institutions will need to upgrade their existing risk management systems. Keeping this in mind we are in the process of upgrading our risk management product suite, Risk Vision. The Bangalore team will play a significant part in this effort.” Recently, Misys’ Banking division signed a $4 million deal in March 2003 with Bank of India for global processing. Its clients in India include Centurion Bank, American Express Bank and Standard Chartered Bank.