Overview

Monzo’s vision aimed at implementing strategic solutions for treasury operations, risk management, and financial efficiency. Towards the end of 2022, Monzo conducted a rigorous selection process for a Treasury Management System (TMS) and Asset Liability Management (ALM) solution. The objective was to implement a solution in 2023, replacing the previous system at Monzo for both Treasury and ALM. To support Monzo’s growth and enhance control and risk management, the MORS solution was slated for implementation within the 2023 calendar year.

Key project objectives included achieving automation, seamless integration with other bank systems such as the General Ledger, Warehouse, and Reporting systems, and establishing a long-term partnership with a trusted supplier.

Implementation Process

MORS adopted an iterative and agile implementation approach, prioritizing the swift onboarding of its customers. The implementation process consists of three crucial stages: installation, data integration, and customization of scenarios and reporting.

The success of the Monzo project can be attributed to the close collaboration between Monzo and MORS. MORS’ implementation team, comprised of dedicated in-house experts, provided Monzo with access to top-tier expertise and highly knowledgeable resources. The 100% remote resourcing from Helsinki necessitated effective communication, and MORS embraced Monzo’s collaboration standard using Slack messaging. This facilitated seamless real-time communication across multiple locations, playing a pivotal role in the project’s success.

Monzo, emphasizing governance management processes, adhered to a comprehensive sign-off process before the project went live. To ensure transparency and predictability, MORS offered a unique Services as a Service model for implementation, mitigating project risk for Monzo. This approach provided a clear understanding of the project’s cost and timeline in advance, offering predictable monthly expenses and adherence to set timeframes.

Benefits Achieved

• Time to Market: One of the most significant achievements of this project lies in its successful completion within the designated four-month timeframe and adherence to the agreed-upon cost projections. Both parties involved firmly believe that the solution not only met but uniquely aligned with Monzo’s project scope and requirements, all within budget.
• Automation: With the implementation of MORS Treasury Management System, Monzo has been able to automate many of their treasury processes and transaction flows with integrations to the GL, Regulatory Reporting and Payments systems.
• Flexibility: The TMS system provides a platform for the Treasury Team at Monzo to support portfolio growth and a broader range of hedging products. It has empowered their treasury team to engage in more complex deals and positions them for future growth. The upcoming implementation of the MORS Asset Liability Management module in November 2023 further expands the capabilities, allowing for comprehensive risk management under a single application.
• Improved Risk Controls and Enhanced Security: One of the pivotal benefits achieved through the implementation of MORS Treasury Management System is the improved risk controls. The project successfully delivered increased operational security, fulfilling a critical objective.

Conclusion

In conclusion, Monzo’s strategic vision to enhance treasury operations and financial efficiency materialized through the successful implementation of the MORS Treasury Management System (TMS) and Asset Liability Management (ALM) solution. This comprehensive project, executed within a stringent four-month timeframe, showcased meticulous planning, close collaboration, and effective communication between Monzo and MORS. The TMS not only automated key treasury processes, integrated seamlessly with various systems, and provided flexibility for portfolio growth but also bolstered risk controls and security. The partnership’s commitment to governance, transparency, and adherence to predetermined cost projections underscored the project’s overall success, positioning Monzo for continued operational efficiency and future growth in the dynamic financial landscape.

Key Facts

Bank Name: Monzo Bank
Bank Founded In: 2015
Bank HQ: London, UK
Vendor Name: Mors Software
Solution Implemented: MORS 7.0 TMS
Timeline: March 2023 – June 2023