Misys, a UK-based application software and services company, has released the new version (V5.5) of Summit FT platform, which is expected to reduce the total cost of ownership and improve efficiencies of financial institutions.

According to the company, the release is a result of major investment by it in a number of new modules, integrations, partnership agreements and technology features that grow the systems’ cross-asset and front-to-back coverage.

Integration with Misys Risk solutions and Misys Loan IQ, the company’s lending solution, is expected to extend the coverage of Summit FT. Combining these enhancements with new lower cost platforms, such as Intel and Linux, is expected to extend choice, lowers cost and improves operational risk for Summit customers.

Dan Cohen, solution director for Misys Summit, said: “The latest version of our solution and our strategic roadmap for Summit includes hundreds of projects of direct development combined with a partner approach for elements where there are already established and well regarded applications. For example, in the last few months we have signed agreements with Triple Point for commodities, IBM for BI tools, SmartStream for reconciliations, Bloomberg for market data and extended our partnership with Numerix for sophisticated pricing tools.”