Our client, an Eastern European bank, wanted to leverage its ROI in the recent Murex upgrade to MX.3 by implementing the Cancel of Events feature. The bank wanted to decrease the overall cost of correcting event ‘errors’ on trades executed by the front office. Capco (a Murex Alliance Partner with over 600 successful projects delivered) was chosen because of our excellent and long relationship with Murex and expertise in Murex integration. The implementation transformed a heavily manual and time-consuming process into a simple, automated process, saving the bank time and money.
When a trade event is wrongly executed, there are many manual and time-consuming actions required to ‘undo’ the event across multiple departments and systems: front office, back office, accounting, risk, reporting, and downstream systems. These ‘error’ events have an impact across the entire bank. For our client, there was an urgent need from many functions to reduce operational risk as well simplifying and automating the Cancel of Events process.
Capco built, developed, and tested the entire solution working remotely in multiple locations on the bank’s hardware and systems, to reduce client costs. Our SMEs worked with the bank across all levels within the organization to implement a solution in a short, cost-effective time frame and within budget.
Summary of key benefits
By choosing Capco as their implementation partner, the bank achieved the desired Cancel of Events function at single and bulk levels on ‘error’ events:
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