MANILA, PHILIPPINES, 27 APRIL 2011 - A Philippine commercial bank has turned again to Misys to upgrade its banking applications as it prepares to handle volume transactions from customers.
The Philippine Veterans Bank, historically catering to Philippine World War II veterans, is upgrading to Misys' BankFusion Equation as it grows its consumer banking, trade finance and lending business.
The two companies have been working together for the past 10 years and Misys has helped the bank with most of its IT needs - from branch banking to treasury, accounting and financial reporting.
Now a private commercial bank, the Philippine Veterans Bank (PVB) said the upgrade was necessitated by the bank's commitment to better serve its customers, particularly the government institutions, which have been active in their lending lately.
With BankFusion Equation, Misys said PVB can automate their processes for faster turnaround and reduce the cost/income ratio bearing on the demands of operations. Misys's banking solution also allows the bank to be more flexible in how they are going to process their transactions. It can also be integrated with the bank's existing applications for loan and deposit cash management, and other back office applications.
"We needed a system that could enable our team to deliver on our ambitious growth objectives, allowing them to tailor processes easily and shape the way we meet the demands of our customers with new products and services," said Ricardo A. Balbido Jr, president, Philippine Veterans Bank. "We look forward to BankFusion Equation supporting us as we move the business forward."
Lee Boon Huat, Asia Pacific managing director, Misys said the BankFusion gives the bank "the flexibility it needs for the future."
PVB is also getting from Misys the BankFusion Workbench, Opics Plus, TI Plus and Message Manager.
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