Misys Wholesale Banking Systems has signed a five-year contract to distribute S1 Corporation's Enterprise banking, cash management and trade finance products to financial institutions across Europe, Africa, the Middle East and Asia.
The agreement gives Misys the distribution rights to the S1 Corporate Banking, Personal Banking and Trade Finance applications, which run on the US vendor's Enterprise Platform.
Misys will provide migration paths for each of its existing electronic banking products, as well as packaged interfaces from its core systems - such as Midas and Trade Innovation - to the S1 software. Misys says customers will benefit from a single, J2EE-based multi-channel system that will increase revenue opportunities, reduce operational costs and improve customer retention.
The new components will be released under the Misys' eServices Platform umbrella.
Ivan Martin, chief executive, Misys' banking and securities division, says: "We identified the front-office space as a key growth area for banking. S1 will enable us to capitalise on this growth opportunity by instantly delivering a suite of fully integrated, multi-channel solutions."
Jaime Ellertson, chief executive officer, S1 Corporation, says The deal enables S1 to extend its global distribution channels and utilise Misys' established services capabilities: "With Misys' extensive sales and services infrastructure, S1 is able to triple its global presence overnight."