The Hindu Business Line : Misys bullish on treasury sector

Banking software provider Misys Banking Systems, which set up its sales office in India in April this year, is bullish on the prospects in the country's treasury and capital markets. The company is eyeing the country's replacement market in segments such as treasury, where the legacy systems are unable to support modern financial instruments and their processing.

"Most of the banks are looking for new solution or are in a technology refresh mode," said Mr Ram Subramanian, business solutions manager, Misys, adding that the company saw a healthy pipeline. Misys estimates the software licence market for treasury and capital markets in India at around $50 million.

Currently, it has some 7-8 clients in India including the Centurion Bank, which has deployed Misys Core Banking Solution.

Mr Subramanian said the company was following a differential pricing strategy and was customising the solutions according to customer requirement.

Mr Vibhakar Bhushan, Director for Misys' development operations in Bangalore, said the company has added about 250 people since the beginning of the year to increase the overall headcount to around 1,000 people.

Misys has been leveraging its India presence to conceptualise, design and develop banking products for the US market, he said.

Mr Manoj Kumar, Development Manager, said the liberalisation of Indian economy and its integration with global markets was giving rise to new trading opportunities as well as new risks for banks. As a result, banks need to invest in technology to stay competitive, he said.