Murex, the leading provider of integrated trading, risk management and processing solutions, has announced today that UniCredit, that has the largest presence of banks in Central and Eastern Europe, has gone live on Murex' MX.3 for UniCredit Bank Austria and eight other Central Eastern Europe banks.
With the aim of extending the program of standardizing front-to-back office technology and industrializing markets and treasury services to Bank Austria and CEE banks, UniCredit chose Murex MX.3 as the best-of-breed platform to replace the fragmented landscape of legacy systems in the region. The implementation was scheduled over two years starting in 2013 and was carried out by a partnership of Murex and UniCredit Business Integrated Solutions, the Group’s global services company dedicated to providing services in the sectors of Information and Communication Technology (ICT), Back Office and Middle Office, Real Estate, Security and Procurement.
The platform, that went live successfully, includes Murex’s MX.3 for Limit Control (MLC) solution linked to UniCredit internal Basel III-validated counterparty credit risk model. Coverage of the platform includes pricing, market data, position keeping, risk evaluation, payments, confirmations, accounting, collaterals, user reporting, regulatory reporting and data warehouses. Comprehensive legal, compliance and security standards are built into the system, including the protection of sensitive client information to meet strict local data secrecy laws.
UniCredit Bank Austria and the Central Eastern Europe banks now have a state of the art solution that consolidates global markets and treasury activities onto a single centralized platform shared across the Group, bringing significant benefits in terms of cost and operational efficiency.
The platform supports best practice management and regulatory compliance for a wide range of global products within standardized and streamlined processes. The harmonized front-to-back-to risk solution drastically reduces the time to market for new products within a Group-wide governance framework.
“We are very proud of this important result”, stated Fabio Cesaretti, Head of Business Line Markets and Financing & Advisory at UniCredit Business Integrated Solutions. “In terms of innovation, the global platform provides best of breed functionalities for the end users, therefore extending the baseline from where to exploit digital opportunities.”
“The strategic overhaul of UniCredit global IT infrastructure is for us a great achievement rooted both on the quality of the collaboration and the completeness of offering of our MX.3 front-to-back-to risk platform. “said Maroun Edde, Murex Group CEO. “We aim to further cement our partnership with the UniCredit Business Integrated Solutions in years to come and pursue our role as an enabler of their vision.”