Bankdata successfully launches its largest program with Murex’s MX.3 solution
By Joy Dumasia
Bankdata, one of the largest Danish FinTech companies, has recently completed the most substantial front-to-back-to-risk re-platforming program in its history: implementing a shared capital markets platform for eight Danish banks. Regulatory compliance was a key driver for implementing Murex‘s MX.3 platform.
The solution is jointly built with Murex, the global leader in trading, risk management and processing solutions for capital markets. The MX.3 platform allows for customization, providing flexibility to the eight financial institutions that own Bankdata. This is the culmination of a partnership in 2016 with Synechron to provide a shared platform for Bankdata to rationalize treasury management and capital markets activities.
Each bank in the consortium has the optionality and flexibility to select the exact functionality its business requires while benefiting from a cross-asset platform with continuous adaptation to regulatory reform. This includes MX.3 for FRTB, which helps banks meet the intense calculation demands of Fundamental Review of the Trading Book compliance. The platform also features MX.3 for IBOR Reform, helping the banks navigate the complicated, evolving and ongoing transition to risk-free rates.
Since Bankdata and Murex began working together in 2016, functionality has been released continuously. Synechron has been part of the Bankdata re-platforming program since Day 1. Bankdata has leveraged Synechron’s testing services to achieve predictable and shortened go-live cycles.
“Synechron is proud to have been alongside Bankdata on this ambitious project from the beginning,” said Jawad Cherkaoui, Synechron Senior Director, Head of Systems Integration. “With our longstanding expertise, developed through our well-recognized Murex Center of Excellence, we worked with Bankdata team members to develop, strengthen and increase the velocity of the delivery. Today, Bankdata is using a state-of-the-art platform that will enable it to cope with the future of a constantly moving market.”
IBS Intelligence reported that Murex, the global leader in trading, risk, and processing solutions for capital markets, is pleased to announce that Banorte has successfully implemented Murex’s flagship MX.3 platform for its credit risk management and XVA desk deployment.
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