Believing that more financial institutions will look to outsource transaction processing to cut expense, Capmark is looking to offer middle and back office services to banks and financial institutions. But before it can offer outsourcing services, the institution will tap the “as a service well” itself, investing in a hosted platform from Misys.
“Deploying SaaS allows Capmark to grow the tech environment as they grow,” says Ken Katz, senior solutions manager for Misys, which did not disclose the other financial clients. “This is a new market for Capmark. And since the technology is scalable, it can test the waters.”
The Europe-based Capmark, which specializes in providing servicing and other financial services to the general syndicated loan market, is the third financial client to sign onto to the SaaS-enabled version of Misys Loan IQ, a tool that covers the entire lifecycle of commercial loans. The bank has licensed modules for full agency servicing across its operations in London, Dublin and Hyderabad.
“As banks consider solutions to ever increasing back office costs, I think they will find that using a local service provider is more tangible and an immediate solution than retaining such costs or developing another expensive cost base elsewhere,” said Robbie Hughes, Managing Director of Capmark Europe, in a prepared statement.