Micro Focus Confirms Top 10 Global Financial Institutions as Customers
Changing financial regulations drive need for modern, flexible IT architectures
MOUNTAIN VIEW, CA, July 7, 2009
More financial organizations are turning to application modernization to develop flexible IT infrastructures capable of meeting changing regulations and market conditions in the wake of the global economic crisis, according to Micro Focus (LSE.MCRO.L), the leading provider of enterprise application management and modernization solutions. All of the ten largest global financial institutions are Micro Focus customers.
Micro Focus has seen a recent surge in interest from across all vertical sectors, including financial services and banking organizations, and now boasts over 1,900 North American financial institutions as customers. Additionally, 60 percent of the top 100 US financial institutions are currently Micro Focus customers. Changing regulations in the face of a faltering economy, such as Reg NMS and the FDIC’s recent edict for financial institutions to modernize deposit systems, have created a demand for IT modernization within the capital markets.
“As we have all seen, the results have been catastrophic when large financial institutions are slow to respond to changing regulatory and market conditions,” Ken Powell, President, North America, Micro Focus. “The IT departments within financial organizations have some real assets in the form of valuable business logic and mission-critical applications – but those assets can be bogged down by unwieldy infrastructures. Micro Focus enables financial organizations to unlock the value of their existing IT applications, turning them into strategic resources.”
Micro Focus enables organizations to understand the applications that automate core business operations. This allows customers to quickly locate where mandated changes must be made, execute those changes without disruption, and demonstrate compliance through transparency and governance of their application portfolio.
Beyond regulatory compliance, Micro Focus’ application management and modernization solutions deliver additional benefits to its financial services customers. Micro Focus enables its customers to run mission-critical mainframe applications in lower-cost environments, allowing them to maximize their investment in COBOL by integrating these applications into more modern architectures such as .NET, Linux and Unix. As a result, financial organizations – now under increased scrutiny and pressure to minimize IT spending due to the global economic collapse – are able to drastically reduce costs.
At the same time, the increased agility resulting from more modern architectures enables IT departments to better align themselves with the organizations’ overall direction. Micro Focus’ application portfolio management (APM) solutions enable customers to gain valuable insight into the breadth and depth of existing IT assets, ensuring optimized resource allocation for compliance mandates. Micro Focus also enhances data security and application testing, ensuring that banks can safeguard client information and the stability of their core business processes.
About Micro Focus
Micro Focus, a member of the FTSE 250, provides innovative software that allows companies to dramatically improve the business value of their enterprise applications. Micro Focus Enterprise Application Modernization and Management software enables customers’ business applications to respond rapidly to market changes and embrace modern architectures with reduced cost and risk. For additional information please visit www.microfocus.com
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