Murex, the leading provider of integrated trading, risk management and processing solutions, today announces the go-live of its MX.3 treasury platform within the State Bank of India, the country's largest bank.
The platform supports the Interest Rate Derivatives and Foreign Exchange Derivatives businesses and enables the bank to offer more sophisticated products and processes to its clients. The implementation will also allow the State Bank of India to increase the volumes of derivative products, enhance risk management and enable scalable infrastructure growth in the future.
The bank needed a front to back treasury platform for derivatives products, including market risk and credit risk management. The Murex implementation, which was delivered in just six months, meets these requirements by supporting all aspects of the derivatives business including trading, structuring, sales, accounting and straight through processing (confirmations, settlements, payments), as well as market and credit risk management.
Guy Otayek, chief executive officer of Murex Asia, comments: "Our proven MXpress methodology is a key factor in enabling us to deliver this IT project to the State Bank of India on schedule and to a high quality, while also minimising risk. Following the successful implementation, we hope to work with the State Bank of India in the future to introduce a front to back office credit derivatives platform. Our work with the bank further strengthens our position in both the Indian and Asian regions as a leading provider of integrated treasury solutions."
The MX.3 treasury platform is in use by a number of leading financial institutions in India, including public and private sector banks, as well as corporates.