NBAD to streamline loans with MiSys
National Bank of Abu Dhabi to roll out Misys commercial lending solution
The National Bank of Abu Dhabi (NBAD) will deploy Misys' commercial lending solution, Misys Loan IQ, to improve its lending-related back office operations.
The Misys Loan IQ application will help NBAD to streamline workflows, and give faster and more efficient processing of commercial loans.
"We intend to improve efficiency and customer service provided to corporates and financial institutions that participate in NBAD's syndicated lending," said Nigel Carrington, NBAD's divisional manager of operations. "Misys Loan IQ will be a key factor in realising this goal."
The Misys solution, which currently processes over a third of international syndicated loans and more than a half of the world's loan trades, is compatible with multi-currency and multi-branch usage, and provides comprehensive coverage for bilateral loans and highly structured syndicated deals. Misys says that users have reported cost savings of up to 20% through systems consolidation and reduced headcount.
"The bank preferred a turnkey product, highly capable of resolving their operational issues, which will be delivered via our Loan IQ system. Misys Loan IQ is backed by our 18 years of expertise in the lending field and has all the functionality needed to meet complex loan trading transactions," said Roy Froud, director, Middle East and Africa, Misys.
"The solution proposed by Misys will provide the bank with market-leading functionality that addresses each area of the bank's requirements from the Structured Finance Team, Credit Management, Risk Control, Accounting and Compliance and Portfolio Management. It will also enable NBAD to capitalise on the unparalleled commercial lending expertise that Misys has gained from working with the top financial institutions worldwide," said Kevin Hayden, Treasury & Capital Markets operations director, Middle East and Africa, Misys.