Interswitch, Misys pioneer trade finance software for banks

Nigeria’s foray into trending global digital banking system got a new boost, as Interswitch Transnational reached a new deal that would help banks to transform their trade operations, driving growth in domestic and cross-border trade and supply chain finance.

The move by the integrated digital payments and commerce company, with Misys, a provider of lending, treasury, trading and risk management solutions, would deliver a remarkable proprietary software expected to drive banks’ seamless trade finance services to customers.

Already, top executives of banks and other financial institutions, regulators, infrastructure and information technology specialist and other stakeholders in the financial services industry have expressed optimism on the benefits of the innovation.

The solution, also known as Misys Fusion Banking Trade Innovation Software, boasts of enhanced capabilities that would reduce operational costs, eliminate operational risks and deliver excellent trade finance service to banks’ customers.

The Chief Executive Officer, Interswitch Group, Mitchell Elegbe, said with this solution, financial institutions in Africa would now optimise their operating models, alter workflows quickly and easily route transactions efficiently, to achieve a single management view of their entire trade finance business.

“We are very excited to partner with Misys to launch this trade finance software. With this new solution, Nigerian banks can now deliver a faster, easier and far improved trade banking services to their customers, as this solution helps them streamline and optimize their entire trade banking operations,” he said.

Interswitch facilitates the electronic circulation of money, as well as the exchange of value between individuals and organisations on a timely and consistent basis on the continent.

Also, the Regional Manager for West Africa at Misys, Gansirey Seck, expressed delight with the partnership, expressing great expectation on the potential of the solution in the Nigerian financial services ecosystem.

“It’s indeed a great day for banks and financial institutions as well as their customers as the Misys Fusion Banking Trade Innovation Software solves many of the traditional problems faced by banks in their trade finance operations.”

Misys, a core provider of financial services software covering retail and corporate banking, lending, treasury, capital markets, investment management and enterprise risk, has more than 2,000 corporate customers across 125 countries. It has a team of domain experts and partners that have unparalleled ability to address industry requirements at both global and local levels.