Philippe Helou, co-founder and managing partner Murex

Murex and Sapient Global Markets today announced the go-live of Murex’s MX.3 front-to-back-to-risk platform for the treasury business at Nationwide Building Society.

Nationwide needed to replace its legacy system with an enterprise-wide treasury platform for its capital markets teams in the UK.

Mark Rennison, CFO at Nationwide: “The existing architecture was increasingly limiting our options for future actions as well as being inefficient in our day-to-day business activities. The rationalisation of operational processes would also remove unnecessary reconciliations between front office, back office and risk functions.”

Nationwide selected Murex’s MX.3 to deliver an integrated solution to optimise liquidity management, provide advanced risk monitoring and enhance operational risk management. The solution’s comprehensive functional coverage, coupled with the benefits of an integrated platform, a robust implementation offer and a proven track record, convinced Nationwide that Murex was the right technology partner for the project.

Nationwide then engaged Sapient Global Markets, a global Murex Alliance Partner, to perform an assurance assessment and implement the solution. While Nationwide deployed a wide range of the different business solutions that coexist in MX.3, Sapient delivered comprehensive testing automation to fast-track deployments and ensure all project milestones were met.

With strong leadership and an injection of key Murex specialists, Sapient was able to leverage its decades of experience in trading technology to deliver the successful migration of Nationwide’s legacy setup onto the Murex platform. Sapient enabled a strong collaborative and open working environment between Murex and Nationwide’s Business, Transformation, IT and the delivery teams to ensure a smooth go-live.

Murex’s MX.3 for Treasury has delivered increased straight-through-processing for flow products, issuance process, micro and macro hedge accounting and limits management as well as interest rate and FX risk management, market risk, VAR, P&L control and fund transfer pricing. MX.3 is tightly integrated into the bank, market, and regulatory ecosystems.

“With the new treasury platform, we can significantly increase working efficiency through delivering a high level of automation along the entire value chain. The success is a result of the hard work, commitment and dedication of the Nationwide, Sapient and Murex teams to deliver a platform that will be critical to our business,” said Andy Townsend, Group Treasurer at Nationwide.

“The Nationwide treasury project demonstrates how our combination of consulting expertise, technical excellence and deep Murex knowledge delivers significant results. We look forward to continuing our collaboration with Nationwide and Murex, positioning the business for future growth,” said Sudeepto Mukherjee, senior vice president at Sapient Global Markets.

“Thanks to the depth and breadth of MX.3, our platform is a key enabler of the organisation’s treasury transformation. Nationwide will now be able to reduce the number of internal reconciliations while improving accuracy and operational efficiency. These tangible benefits have been successfully delivered thanks to the strong partnership between Murex, Nationwide and Sapient, and we are committed to maintaining this spirit of close collaboration in the future” said Philippe Helou, co-founder and managing partner, Murex.

by Bill Boyle
IBS Intelligence Senior Editor