Canadian bank completes migration to Murex’s MX.3

Challenge

Our client, a large Canadian bank, was looking to enhance its trading platform as part of its initiative to increase the efficiency and effectiveness of its front- and back-office trading processes for its capital markets business. However, it didn’t have the resources or expertise needed to implement a project at such a large scale.

Our client was at a crossroads. It clearly saw where it needed to go, but it needed a partner with the capacity to help it navigate such a complex project within an ambitious timeline. As Murex’s sole global partner, Accenture could not only provide the deep Murex experience but also scalable resources and additional tools that would improve how teams operate MX.3, Murex's latest technology platform.

What Accenture did

We have delivered over 100 Murex programs from implementation to migration to support for more than 20 years, so our experienced team was up to the task of migrating thousands of widgets to Murex MX.3. We joined forces with our client to migrate and consolidate 500 reports and 40 interfaces from the bank’s ecosystem to the latest version of the Murex MX.3 platform, which provides financial services firms with software for cross-asset trading, treasury, risk and post-trade operations.

This project enabled the client to be ready for regulatory projects such as the Fundamental Review of the Trading Book (FRTB), an initiative of the Basel Committee on Banking Supervision designed to overhaul trading book capital rules.

Accenture’s involvement included project management, business case development, design, building/testing and post go-live support. We delivered the services using local teams in Montreal as well as teams based within our global delivery network.

In addition to migrating our client to MX.3, we deployed Accenture Reformx, a comprehensive configuration management tool that can cut development cycles by up to 20 percent.

The scale of this project was significant and with our experienced onshore and offshore resources, we were able to migrate thousands of objects to the new Murex version on time, on budget, and to a high standard of quality and stability expected for a mission critical system.

People and culture

Working in close partnership was the key to success for this project. Our client didn’t have the capacity to implement such a large Murex migration. Working together lowered the risk of failure and kept up the momentum needed to complete the migration efficiently.

Our goal for working with the client’s teams was to help them become self-sufficient by upskilling people and empowering them to work together in a more agile way. This helped us address over 800 processing and reporting issues during the testing and go-live phases in a collaborative, efficient manner. With upgraded skills and experience, our client’s development team continues to explore and improve in this area.

Value delivered

Our client now has a solid baseline platform to build from. With the new MX.3 cloud enabled, our client can now deliver new MX.3 environments very quickly to its development teams as the demands for trading new products and for complying with regulations keep increasing. Also, the scalability of the cloud enables the bank to cope seamlessly with the growing volume of transactions and business domains managed on MX.3.

Our client clearly sees the benefits of efficient technology and continues to expand its repertoire. Working together was a great experience that helped our client see the value of partnerships while lowering risk and enhancing skills.