Misys today announced that Swedbank has chosen Misys FusionBanking Loan IQ as its full-service agency administration and bank portfolio loan administration platform. Swedbank will use the software to transform its operations, helping it to streamline, automate and optimise its commercial lending business for future growth in line with customer needs.
Swedbank was looking for a solution to address the management of complex third-party agency administration services. FusionBanking Loan IQ will streamline all processes from document tracking to compliance monitoring, loan making, syndication and distribution, decreasing turn-around time and operational costs.
“We recognised the value that a unified commercial lending platform could bring us in streamlining our operations and supporting our ambitions for growth,” said Klas André, Head of Business Coordination at Swedbank. “Having conducted a review of the market, FusionBanking Loan IQ stood out as leader in supporting our objectives and will help us to kick start our loan management transformation.”
Misys will replace the bank’s existing in-house loan administration system. By unifying its operations, Swedbank will benefit from increased transparency, improved risk management and greater insight into customer needs, helping to drive new business growth.
Using the Misys best-practice implementation methodology, the rollout is expected to be completed by May 2017. The platform, which incorporates the Misys FusionFabric technology architecture and advanced API integration, will allow market data to be easily assimilated within the platform and for data to be processed with no manual intervention.
“The Nordic financial services industry is being redefined by the digital revolution and banks must prepare for this disruption in order to seize the opportunities on offer,” said Nadeem Syed, CEO at Misys. “We will help Swedbank to digitalise and optimise its commercial lending business. The new platform will support growth – helping it enter new markets faster, while benefiting from more cost effective loan origination and servicing.”
With regional headquarters in Stockholm, Misys already has a significant presence in the Nordics. This deal adds another leading bank to its portfolio of clients in the region including Nordea and Skandinaviska Enskilda Banken.