Synechron, a global financial services consulting and technology services provider, has signed a partnership agreement with Bankdata, a Danish IT services company that provides IT solutions for eleven local banks. Synechron was chosen as System Integrator for the implementation of Murex 3.1 in front-to-back office, accounting and risk across all asset classes: the KaMP (Capital Market Program).
Significantly, this unique program is the first Murex implementation as a Utility and has been divided into several phases. The first phase began in November 2015 with front office Fx Options. The project is expected to last four years and will involve approximately one hundred experts from Bankdata, Murex and Synechron in 2017 and 2018.
Managing the bank segregation issue in a single Murex instance will be one of the major challenges.
“Synechron is a certified Murex partner, which gives us access to considerable expertise and knowledge on Murex methodologies and best practices. These skills are not available in Denmark,” explains Jesper Glogauer, Vice President of Capital Markets at Bankdata.
From project scoping to customer training
The first fifteen Synechron Murex consultants who began to work for Bankdata at its head office in Fredericia, Denmark integrated the scoping and design of Phase II front-to-back office derivatives and accounting for the program. They will participate in the program management, planning, architecture, integration and support team set-up.
Bankdata may also call on the services of Murex teams at Synechron’s European Delivery Center based in Serbia.
Furthermore, Synechron will play an important role in the training of Bankdata staff and the transfer of skills and knowledge in relation to the KaMP Program and Murex in particular.
A strategic and cultural fit
Synechron was selected following a competitive RFP among four companies, during the summer of 2016.
“We are very pleased to participate in this ambitious and innovative KaMP program with Bankdata and with the support of our partner, Murex. This project pools all the knowledge we have built up over the past few years with respect to the integration of a financial IT solution,” says Pascal Rellier, Managing Director at Synechron.
In addition to its status as a Murex Alliance partner, one of Synechron's major strengths is its Murex Center of Excellence created in 2015. It currently has more than 150 Murex experts from around the world and is able to provide in-house training with its Murex Academy and its 3T (Train The Trainer) certified consultants.
Thanks to the expertise of its Center of Excellence, Synechron will notably support Bankdata with the setup of an in-house Murex Center of expertise.
Moreover, Bankdata has found its cultural counterpart in Synechron: “One of Bankdata’s basic values is being aware of its employees as whole people. We felt that Synechron was concerned with its consultants’ everyday lives in Fredericia. We will be working diligently to help our international consultants thrive here, even when the honeymoon is over,” added Jesper Glogauer.
Bankdata was founded in 1966 and has over 650 employees. It develops and operates the information systems of 11 Danish banks, including Jyske Bank and Sydbank (the third and fourth largest banks in Denmark). Bankdata’s company headquarters are in Fredericia, Denmark but it also has development centers in Them, Silkeborg and in India.
Synechron is a global consulting and technology organization providing innovative solutions to the financial services industry through its three main business focus areas: digital, business consulting, and technology. Based in New York, the company has 18 offices around the globe, with over 7,000 employees producing more than $405M in annual revenue.