UK vendor Misys has signed Indian Overseas Bank in Singapore to its Midas Plus core banking system.
The bank says it will use Midas Plus to expand its business by introducing new products and client services. The system will also improve operational performance and help the bank meet international standards in accounting and regulatory compliance and controls.
The Midas Plus system includes trade finance, Internet banking and branch teller services modules. It also offers watch list checking and suspicious activity monitoring capabilities.
Misys says that Midas Plus will also provide Indian Overseas Bank with consolidated customer centric views for managing risk and informed decision making through a user interface delivered via web browser.
The vendor beat off competition from Temenos, Infosys and China Systems to win the mandate.
"We undertook a comparative review of core banking solutions in the market," comments Narayana Moorthy, CEO of Indian Overseas Bank. "A key consideration in choosing Midas Plus is Misys' unrivalled track record of successful implementations. We felt most confident that the combination of a fully integrated proven Midas Plus solution together with the experienced local Misys team offered the branch a winning combination of a functionally rich, low risk delivery approach to meeting our needs."