Grupo Financiero Banorte, a Mexican bank, is cooperating with Murex’s comprehensive platform MX.3 to provide self-service to improve corporate customer operations and further its digitalization strategy.
“Many breakthroughs occurred during the Banorte reformation journey,” said Abraham M. Izquierdo, Banorte’s managing director of trading and treasury risks. “However, one of the most notable advancements has been the availability of self-service items. This product is in line with Banorte’s digital strategy and satisfies the specific needs of our clientele.”
Banorte’s purpose is to facilitate FX derivatives trades for its clients by combining MX.3 with their own banking platform, Cambios Banorte en Lnea (CBL). MX.3’s back end provides complete self-service functionality to these clients. Who benefit from greatly improved FX derivatives trading process efficiencies.
Internal workflows were evaluated, and risk management procedures were modified. As the bank adapted operations to correspond to the self-service product being given to clients. Banorte’s squad adapted and learnt to cope with the change.
The incorporation of MX.3 software has eliminated the requirement for manual captures. As a result, operations have been streamlined, and the danger of error and delay has been decreased. Banorte manages resources more efficiently through automation, saving up to 38% of person-hours for users.
Adjusting to evolving markets
Banorte improves its FX derivatives trade client services by offering competitive market rates and a smooth transaction booking experience. MX.3 enables the bank’s clients to keep up with the ever-changing market conditions.
“Banorte customers demand simplified and faster from end to end booking of financial services for their enterprise needs,” stated Joe Iafigliola, co-head of Murex Americas. “Murex and Banorte partnered to create an arrangement which satisfied these clients’ particular demands and requirements.”
“The banking institution can now completely automate a procedure that used to call for personal involvement and reconciliation attempts. Every day at Murex, we see this dedication at every level of Banorte’s organization. We are once again proud of our position as a valued partner in reaching this milestone.”
Grupo Financiero Banorte brought together numerous functional departments inside the bank, including the sales, compliance, credit, and risk teams. As well as the FX and structuring desks, to highlight the cooperative and integrated nature of the derivatives trading process.
Murex client services consultants verified design validation, provided best practices recommendations, and cooperated as a trusted partner throughout implementation.
In addition, Grupo Banorte and Murex have been working together for 12 years. Banorte’s use of MX.3 has grown over time, with additional modules and asset class coverage. Banorte built a brand-new XVA desk and overhauled its PFE limitations management in 2022. Murex was chosen to support its risk and front office departments.
Moreover, the close collaboration between the two companies will be critical in expanding the digitization plan to other asset classes by leveraging MX.3 capacity and product portfolio.
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