Italian bank looks to save €5m with Misys’ trading technology

ICCREA Banca to implement Misys’ FusionCapital technology across its trading business.

Italian bank ICCREA Banca has entered into an agreement with Misys which will see its FusionCapital technology implemented across its trading business.

ICCREA Banca said it expects to reduce operating costs by €5 million over the next 10 years as the technology is deployed across its front office and post-trade processes.

Misys’ FusionCapital software will allow the Italian bank to combine its capital markets systems by centralising processes and operations.

The system aims to improve transparency and streamline post-trade processes across the bank’s trading business.

Misys’ software license will also be extended across the Credit Cooperative bank network, ICCREA Banca said.

General manager at ICCREA Banca, Leonardo Rubattu, explained the trading business hopes the agreement will “reduce costs and gain competitive advantage for us and on behalf of the Italian Credit Cooperative System.”

Nadeem Syed, chief executive officer at Misys, added that FusionCapital will allow ICCREA Banca to have a “better handle on reporting and risk management in order to fulfil its regulatory obligations.”

Misys said ICCREA Banca already uses Misys lending software to support front-to-back process and functions like derivatives pricing and collateral management.