Murex, the leading provider of integrated trading, risk management and processing solutions announced that National Australia Bank (NAB), one of Australia's largest banks, has gone live with Murex's MX.3 FX Cash front-to-back solution.
Following a successful upgrade of its Murex FX Options solution in 2011, the bank pursued the deployment of the platform to extend its use to FX Cash activities across the full trade chain including sales, operations, finance, product control and market risk.
In addition to offering a full set of industry-awarded front-to-back functionalities, Murex's FX Cash solution now also empowers the bank with specific local features such as Spot Date roll for NZD trading and intra-day repatriation of overseas margins designed to improve its real-time trading and enhance live desk-level risk monitoring.
Commenting on the deployment of the Murex platform, Tom Pragastis, Global Head, Foreign Exchange and Commodities Trading and Financial Institutional Sales, NAB says, "The decision to consolidate all Foreign Exchange products on a single platform was a major milestone in our strategy. We were confident in Murex's capability to deliver a technology that met our standards of business and efficiency and we are already reaping the benefits in terms of cost savings and revenue opportunities. The strong local support and professionalism of the services we received from Murex were contributing factors in our decision to have them as a partner for this new venture."
Guy Otayek, CEO of Murex Asia Pacific, says, "We are delighted to have such a valued client like NAB take full advantage of our platform's best-of-breed capabilities. This challenging project gives us a wonderful opportunity to demonstrate how constant innovation and consistent search for reduced total cost of ownership combine successfully to consolidate a mutually beneficial partnership."