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History[ edit ] Kingsley-Smith and Associates[ edit ] Kingsley-Smith and Associates KSA was formed ininitially as a full software service company comprising five people serving manufacturing, banks and insurance companies within the UK.
Bythe company had expanded to around twenty personnel, and begun to focus on UK banks and foreign banks which had operational activities in London. The first sale was made to Australia and New Zealand Bank in early and was installed and running live in their New York office in the summer of Leadership phase 70s and 80s[ edit ] Midas became the standard package for banks off shore operations and some domestic wholesale banking operations worldwide by the end of the s, and thanks to that early leadership it has been argued that Midas is or was the world's most successful banking system.
In the s and s the Midas family of banking-packages led the market with more worldwide customers, more awards, and more capability than any other.
Thanks to the inertia of banks, 10 year renewals and cost of migration by some accounts it could claim to have kept this leadership position into the s. The system had broader functionality and sometimes deeper than most of the packages initially available on packaged systems.
It reduced risks bringing efficiency due to a fairly standardised and comparatively automated process cycle. This pioneering move in the banking software industry was not capitalized on quickly and for the next decade the location was little more than a coding shop taking orders from the UK.
By the end of the decade no two Midas user sites ran the same code base and Midas maintained large staff numbers in most financial centers. Technical and functional comparisons between Midas and Equation followed. It was no surprise that Equation had zoomed past Midas in terms of core banking functionality payments, lending, customer management, deposits, telleringbut it was something of a shock for the Midas team to see how the Midas user interface, the flat file data base and the system architecture in general had fallen behind Equation - and by implication fallen behind other competitors.
Multiple Midas catch up projects followed to retro fit basic features like product templates, customer centric banking and application program interfaces API's into the aging platform. The federated Midas data base however was considered beyond redemption and remains fragmented and poorly documented.
Midas has a very broad coverage of banking business areas. In the 70s and 80s it had provided market leading functionality in several of those areas. However, in the late s other packaged systems within Misys and from other vendors caught up with and overtook Midas in areas like retail banking, customer and party management, work flow and most significantly treasury.
Despite this in the early s Midas maintained a leadership position or close to leadership position in terms of annual new names sales and installed base size. The new name formed part of an extensive re-branding exercise undertaken by the company, which also embraced sister companies MKI Frustum and the Credo Groupbecoming unified under the new brand name.
Midas had built up an impressive user base of international branch banking and treasury operations in the previous decades. Treasury focused users in the Midas user base came under attack from cheaper Windows and Unix based systems with better coverage of the newer classes of financial instruments like derivatives.
Although Midas had some retail functionality the Midas team under estimated the complexity of retail banking software, importance of work flow and automation resulting in the stalling of multiple Midas retail banking initiatives.
Overall the Midas customer numbers were in decline. In the late s Midas was the first core banking system to introduce global processing to the core banking industry but this did nothing to stop the decline. Misys onwards — stasis[ edit ] Two technology refreshes Midas Plus and BankFusion Midas have staunched the flow of defections from the existing user base and some existing user banks are expanding usage of the system.
However, there have been very few new name users signed in recent years, nonetheless the legacy installed base is still large compared to most competitor system when measured by numbers of banks, user banks profiles and the re-occurring revenue stream.This article includes a list of references, related reading or external links, but its sources remain unclear because it lacks inline citations.
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