State Bank of India Goes Live with Murex Treasury Platform
The State Bank of India, the country’s largest bank, has gone live with Murex’s MX.3 treasury platform to enhance bank’s derivative business and risk management. The platform supports the interest rate derivatives and foreign exchange (FX) derivatives businesses and enables the bank to offer more sophisticated products and processes to its clients. The implementation will also allow the bank 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 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, said: “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.”