Software and solutions provider Misys Treasury & Capital Markets announced yesterday that Indian Bank HDFC has selected its Misys Summit FT solution to process interest rate derivatives. Misys has over 17 years of experience delivering solutions to the interest rate derivatives market.
Misys has built a strong development and product support office in Bangalore for its solution offerings in the banking and treasury and capital markets sectors, and has grown its team to over 1,000 people since setting up there in 1998. HDFC Bank was founded in 1995, backed by Housing Development Finance Corporation, and was one of the first new generation of commercial banks in India. Its mission is to be a world-class Indian Bank, expanding its business according to customer demand and continue to innovate in all parts of its business, especially the treasury operations segment. HDFC Bank is the first Indian financial institution to select Misys Summit FT since the company opened the Indian sales office in Mumbai recently.
The bank’s strategy is to be an innovator in the interest rate derivative market and become the de facto standard in India for interest rate products. To achieve its objectives, it needed a sophisticated solution to work across the whole bank, from front office through to the back, enabling it to bring products to market faster and increase margins. The first phase will see Misys Summit FT implemented for interest rate and currency derivatives processing, covering a wide range of vanilla and exotic instruments.
“We have grown significantly since starting operations a decade ago,” says Mr Sudhir Joshi, treasurer, HDFC Bank. “We aim to maintain that growth and ensure we remain an innovator in the Indian and global markets. We chose Misys Summit for its strong front-to-back real-time features, from deal capture, pricing, analytics and hedging through to risk management and STP and we believe that it will have an immediate positive impact in our day-to-day operations.” He adds, “It will also ensure we achieve our goal not just in interest rate and currency derivatives, but in other areas of the treasury and capital markets business in the future.”
“We already have many of India’s major financial institutions as Misys customers in the retail and corporate banking market. To complement this, we have also recently established a sales team specialising in the treasury and capital markets in India. This is enabling us to satisfy the increasing demand from Indian banks for product innovation in this buoyant market sector and to operate on a more global basis,” says Prabhakar Saxena, general manager, sales and distribution India, Misys Treasury & Capital Markets. “We look forward to working with HDFC Bank and enabling it to keep ahead of the market in India. As our business grows and our sophisticated solutions are chosen by similar forward-thinking institutions, Misys is well positioned in the Indian market.”