Back in 2014, Capco embarked on one of the banking industry’s biggest MX.3 installations.
The client in question, a large German subsidiary bank, had been using Murex’s previous generation software, MxG2000 for many years and was looking to migrate to the company’s newest platform, MX.3.
With our help, the bank was not only able to implement MX.3 but an organization-wide change-management program which significantly streamlined business activities while eradicating IT risks and work duplication and enabling significant cost savings.
Today, we continue to support the bank as part of our Murex Factory Approach, which helps firms make regular changes and adjustments in the Murex system to reduce large development and testing costs.
The global financial landscape is constantly evolving, with new tech innovation, market entrants, customer and regulatory expectations. Incumbent banks operating on costly and ageing infrastructure are particularly feeling the pressure. On top of increasing liability of ownership, they must keep up with neobanks and fintechs, who are typically unencumbered by such challenges.
Many banks are making the move to MX.3, a multi-award-winning software platform by Murex that serves over 50,000 financial services users across businesses’ trading, hedging, funding, risk management and processing operations worldwide.
The bank contacted Capco because of our unique financial services consulting expertise, and 20+ year track-record in delivering Murex projects. Today, we have over 250 Murex specialists working at Capco worldwide, from consultants to front and back-end developers and Agile ways of working experts.
Here’s how we did it:
1. We started by assessing the internal dynamics of the bank. It was soon clear that this would not just be a bog-standard software implementation project, but a complex change management program that required firm-wide accountability, coordination and buy-in.
2. We produced a proposal that outlined the scope of the project. This included our unique ways of working process, a plan of the work, audits and forecasts and various checkpoints and targets.
3. The product developers got to work on creating the bank’s new software installation, working collaboratively with both the bank and Murex.
4. We then kicked-off the test phase, after four months of carefully designing the solution and then nine months of building it
5. The go-live was then accomplished successfully with a big bang migration within the space of a weekend.
6. After the migration project, we shaped and introduced the Capco Murex Change Factory approach into the bank.
WHAT WE DELIVERED
Through implementing MX.3 with Capco, the bank has:
- A market-focused solution that spans the bank’s front office to back office and risk controlling and finance and accounting teams
- Streamlined change activities across all organizational units, reducing time and cost
- Implemented a solution which covers a wide range of capital markets products, including bonds, FX, credit derivatives, interest rate derivatives, money market, custody business and collateral management
- Retired the MxG2000 version
- A scalable and future-proof solution to meet the bank’s evolving needs – from increasing infrastructure to new regulation and compliance standards
- Ongoing support from Capco, a highly trusted Murex Alliance Partner.
For more information about how we can support you with a customizable Murex project or our Murex Factory Approach, please contact us.
Lara Fries, Managing Principal
M +49 172 958 9666