Major Danish Fintech Successfully Launches its Largest Program to Date with Murex’s MX.3 Solution

 

 

News

Posted on 25th November 2021

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: the implementation of 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 capi-tal 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 that began in 2016 with Synechron to provide a shared platform for Bankdata to rationalize treasury management and capital markets activities.

“It is probably four or five times larger than anything else we have delivered. It has been a strategic program for Bankdata,” said Christian Wiese, Executive Team Member and Director of Capital Markets and Business Development at Bankdata.

Bankdata members now benefit from an integrated cross-asset front-to-back-to-risk solution with support for regulato-ry compliance. It also delivers on lowering the total cost of ownership of supporting IT and increasing efficiency through IT resource consolidation, with a simpler, more efficient infrastructure.

“Our longstanding partnership with Bankdata has achieved an important milestone,” commented Murex Managing Partner Jean-Gabriel Eddé. “The value of an integrated platform that delivers real-time position management, integrat-ed trading and risk management and straight-through processing capabilities can now be fully realized by Bankdata and its member banks. Furthermore, they are now well-equipped to better comply with future market and regulatory change.”

Each bank in the consortium has the optionality and flexibility to select the exact functionality their 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.

“We have developed a platform which enables our customers to make individual decisions and develop further accord-ing to their specific business needs,” said Christian Wiese.

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 one. Bankdata has leveraged Synechron’s testing ser-vices to achieve predictable and shortened go-live cycles.

“When we compare our initiative with similar initiatives of other major companies, we have been able to deliver effi-ciently. In comparison, our project has been considerably more cost effective, which partly can be ascribed to our agile setup,” Christian Wiese said.

“Synechron is proud to have been alongside Bankdata on this ambitious project from the beginning,” said Jawad Cher-kaoui, 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.”

“When we compare our initiative with similar initiatives of other major companies, we have been able to deliver effi-ciently. In comparison, our project has been considerably more cost effective, which partly can be ascribed to our agile setup,” Christian Wiese said.

About Synechron

Synechron is a leading digital transformation consulting firm focused on the financial services industry and is working to Accelerate Digital initiatives for banks, asset managers, and insurance companies around the world. The company is present in 17 locations around the globe and across key financial markets, with over 13,000 employees producing $570.9M in annual revenue. Learn more at www.synechron.com.

About Bankdata

Bankdata is one of the largest fintechs in Denmark. Bankdata is owned by eight financial institutions in Denmark servicing 1.5 million customers. Bankdata has +800 employees in Denmark and India. Learn more at www.bankdata.dk/en.

About Murex

Murex provides enterprise-wide, cross-asset financial technology solutions to capital markets players. With more than 57,000 daily users in 65 countries, its cross-function platform, MX.3, supports trading, treasury, risk, and post-trade operations—enabling clients to better meet regulatory requirements, manage enterprise-wide risk and control IT costs. Learn more at www.murex.com.

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