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stc pay leverages Murex MXGO treasury solution, winning two IBSi Awards

By Delisha Fernandes

January 11, 2024

  • Cedar ibsi awards
  • Digital Bank
  • Digital Wallet
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Stcpay

stc pay, a Saudi Arabia-based digital bank, has implemented Murex’s MXGO Treasury Solution for quickly growing local and regional banks.

With Murex, the digital bank aimed to choose a solution provider with an excellent implementation record in the region and a deep understanding of local market requirements. The competitive cost of ownership of the Murex solution was also a key rationale for the selection.

“The collaboration between stc pay and Murex teams has been outstanding. Within six months of the project’s launch, the system was ready to be used,” said stc pay Director of Treasury Systems Technology Mohammed Saeed Alzahrani. “This accelerated delivery pace demonstrated our teams’ agility and commitment to deliver transformative solutions. We have laid a solid foundation for future growth and success, positioning stc pay at the forefront of innovation in the banking industry.”

As a result of their partnership, the digital bank and Murex have won Global FinTech Innovation Awards for Best Treasury Implementation: Best Project Implementation and Regional Winner in the Middle East with the NeoChallenger Bank Awards. These accolades recognize both companies’ “excellence in driving impact through banking technology implementations and innovations using emerging technologies.”

The bank received valuable support from Fenixys, a trusted system integrator partner. Fenixys played a pivotal role by offering on-site Murex expertise across various crucial aspects, including project management, architecture, requirements gathering and testing services.

“During the integration of MX.3, stc pay has successfully evolved from a digital wallet to a full-fledged Islamic bank with an up-and-running treasury,” said Nikhil Gokhale, director of research and digital properties at IBSi. “Murex’s agile platform expedited time-to-market, allowing stc pay to navigate complex financial landscapes with a broad treasury scope and an evolutive platform.”

The swift delivery of MXGO was achieved using Murex standardized treasury packaging and the latest technologies. As a neobank, stc pay has built its business model using advanced and open technologies. For this reason, it decided to run MX.3 with the open-source PostgreSQL database to get scalability, stability and security at a competitive cost.

“This project at stc pay treasury was strategic for both parties. Murex’s experience was key to the dynamic financial institution, which is ensuring its transition from a secure integrated digital wallet to a digital Islamic bank that offers treasury services to clients. We are especially pleased to note this collaboration has been recognized by IBSi,” said Murex Senior Business Development Manager Marc Farah.

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