LONDON, August 11, 2010 /PRNewswire/ -- Misys plc , the global application software and services company, today announces that the Federal Home Loan Bank (FHLB) of Chicago has completed the final phase of its implementation and is fully live with Misys Summit FT to manage its core business. The bank has retired many in-house, legacy and third-party systems and now manages a broad array of asset classes predominantly using a single platform developed on the latest .Net technology.

FHLB Chicago has benefited from Misys Summit since 2004. The latest phase provides a more streamlined operation, front to back, and significantly greater asset-class coverage. The bank now uses Summit FT to process the wide range of trades it executes, covering advances, structured products, money markets, bonds, OTC derivatives and exchange-traded instruments.

John Stocchetti, EVP, Operations and Technology from FHLB Chicago, comments, Misys Summit FT significantly improves the efficiency of the way we operate and account for our entire business. We have been able to consolidate many of our existing systems on to a single platform and streamline operations, allowing us to be more responsive to our customers and positioning us to more effectively handle future challenges.

Sean Motley, Head of Professional Services for The Americas, Misys adds, FHLB Chicago joins a growing list of Misys customers that have made the decision to take advantage of the additional functionality and improved efficiency that Summit FT brings them. Our experienced professional services team has worked very closely with the team at the bank to ensure the system met expectations.

At FHLB Chicago, Summit FT is used from the front office through the back office. It handles trade entry and maintenance, prospective and retrospective hedge testing, accounting, operational reporting, cash settlements and management reporting. Summit FT interfaces to multiple systems, including the bank's general ledger, market data services, and various data warehouses within the bank. Summit FT also delivers structuring capabilities for loans made to FHLB Chicago customers, as well as calculating all valuations for accounting and FAS133 testing and hedge relationships for fair value and benchmark. The solution uses state-of-the-art technology providing more flexibility, better customisation and improved productivity.

About FHLB Chicago

The Federal Home Loan Bank of Chicago is an $87.7 billion, cooperatively owned wholesale bank and government sponsored enterprise that provides housing finance to almost 800 member insurance companies, commercial banks, savings institutions, and credit unions located in the 7th Federal Home Loan Bank District of Illinois and Wisconsin. The U.S. Congress created the System, which includes 12 Federal Home Loan Banks, in 1932 to promote housing finance, but each Federal Home Loan Bank is wholly owned by its member institutions. For more information on FHLB Chicago, visit http://www.fhlbc.com.

About Misys plc

Misys plc , provides integrated, comprehensive solutions that deliver significant results to organisations in the financial services and healthcare industries. We maximise value for our customers by combining our deep knowledge of their business with our commitment to their success.

In banking and treasury capital markets, Misys is a market leader, with over 1,200 customers, including all of the world's top 50 banks. In healthcare, Misys plc owns a controlling stake in NASDAQ-listed Allscripts-Misys Healthcare Solutions, Inc, a clear leader in the provision of healthcare technology, serving more than 150,000 physicians, 700 hospitals and nearly 7,000 post-acute and homecare organisations. Misys employs around 6,000 people who serve customers in more than 120 countries.

We aspire to be the world's best application software and services company, delivering results for the most important industries in the world.

Misys: experience, solutions, results

Contact us today, visit: http://www.misys.com

For further information please contact Edward Taylor Global Head of Public Relations Misys Solutions for Banking and Treasury Capital Markets +44-(0)20-3320-5530 edward.taylor@misys.com Sebastian Mathews Financial Dynamics +44-(0)207-269-7158 sebastian.mathews@fd.com

SOURCE: Misys plc

CONTACT: For further information please contact: Edward Taylor, GlobalHead of Public Relations, Misys, Solutions for Banking and Treasury Capital Markets, +44-(0)20-3320-5530, edward.taylor@misys.com. SebastianMathews, Financial Dynamics, +44-(0)207-269-7158, sebastian.mathews@fd.com