Danish banks revamp back office data processing with Murex
27 September 2016 | 2711 views | 0
Murex, the leading provider of integrated trading, risk management and processing solutions, is pleased to announce that Danish IT services provider Bankdata is implementing MX.3 as a central service utility for its 11 bank owners.
The solution will consolidate existing front office systems on a single platform and replace a legacy in-house back office system. This will provide full integrated cross-asset functionality for all the banks' capital markets activities.
Founded in 1966 and headquartered in Fredericia, Bankdata traditionally built most of the systems it required to service its bank members. However, by 2015 Bankdata's capital markets back-office system was in need of a major overhaul. At the same time, its two biggest members, Jyske Bank and Sydbank, wanted to consolidate their different third-party capital markets front-office systems on a single platform. Sydbank established a strong partnership with Murex having used its solution for 17 years. After due diligence consideration, Jyske Bank and Sydbank decided to consolidate on Murex' MX.3 for front office. Faced with the challenge of evolving its back-office system for modern requirements, Bankdata opted to implement MX.3 as a full integrated front-to-back solution and make it available to all its member banks for capital markets activities.
Bankdata is implementing MX.3 in several phases, with the first due to go live by the end of the first quarter 2017. The solution will provide integrated cross-asset support for all capital markets trading, enterprise risk management, back office and accounting, with comprehensive support for regulatory compliance, including Basel III, EMIR and MiFID.
“Although implementing a third-party solution on this scale is a new challenge for Bankdata, it would have been too costly and time consuming if the company had attempted to build all the functionality itself,” says Jesper Glogauer, Vice President, Capital Markets, at Bankdata. “This is the beginning of a long-run strategic partnership between Bankdata and Murex. The first of its kind in terms of size and scope, we expect this third-party project will yield significant results for many years to come.”
Franck Gauthier, Senior Account Manager at Murex adds, “The implementation of MX.3 at Bankdata in order to serve 11 banks is a new industry model for delivering a capital markets platform as a utility. The approach lowers the total cost of ownership for the participating banks through consolidation of IT resources, while providing access to Murex’s best-of-breed functionality for all.”