A combination of this coupled with the ability to operate multi-currency accounts gave the bank a big advantage over the other Australian banks when the Australian Dollar was floated. Tanner also had a big hand in connecting the system to Chips and the branch payments-input system.
We bought a software package including forex, money market, general ledger, accounting and regulatory requirements for less than you would spend on a couple of day’s consultancy fees in 2016.
A decision was taken to modify the system in house rather than stay with scheduled vendor updates. ANZ wanted to control our own destiny given more offshore installations were being planned and we didn’t want to be constrained by other bank priorities. Midas was becoming a popular package for foreign banks.
Over the next four years the system was installed into Los Angeles, Hong Kong and Singapore on system 32, and later system 34, computers by a joint London/ Melbourne team.
A standard chart of accounts established by the bank within the Midas system enabled consistent reporting across all the ANZ International operations.
There was a need for a system to manage state transactions in Australia and NZ which were then connected to Midas to update dealers’ positions, so the STI system was developed in Melbourne.
Midas was also installed in Australia and NZ to process multi-currency accounts as well as all dealing room transactions as Hogan, the existing system at the time, was only developed to handle Australian dollar transactions.
For all the advances in financial services technology, that still remains the case today.
Over in London, the old IBM 360 mainframe which had been installed in the 1960s’ needed a serious upgrade. It was decided Midas (now renamed MIDANZ by Mike Tong, Head of Treasury) would be an appropriate solution.
The latest IBM hardware, System 38 which contained a unique relational database was selected as the preferred platform and many months were spent upgrading the software to run on System 38 in 1980.
ANZ was also one of the pioneer banks in the development of the payments interface to the Society for Worldwide International Funds Transfer (SWIFT) both in Europe and Australia – without MIDANZ, SWIFT connection would have been difficult and very costly.