FREDERICIA, DENMARK and PARIS, November 25, 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 capital 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 regulatory 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, integrated 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 its 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 according 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 1. Bankdata has leveraged Synechron’s testing services 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 efficiently. 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 Cherkaoui, 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.”
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