Mexico’s Banorte boosts FX derivatives service on Murex’s MX.3

Grupo Financiero Banorte has enhanced its FX derivatives trading client services, powered by MX.3, Murex’s integrated platform.

The Mexican bank implemented a self-service to strengthen its corporate client business and further its digitalization strategy. The goal of Banorte is to enable these clients to perform FX derivatives transactions by integrating MX.3 with an internal banking portal, Cambios Banorte en Línea (CBL). The back end of MX.3 facilitates complete self-service functionality to these clients, which experience significantly improved FX derivatives trading process efficiencies.

“The Banorte transformation journey has involved many breakthroughs,” said Abraham Izquierdo, managing director, traded and treasury risks at Banorte, in a statement. “However, one of the most significant milestones has been the self-service product offering. This offering aligns closely with Banorte’s digital strategy and meets the specific expectations of our client base.”

MX.3 software integration has eliminated the need for manual captures. Operations have been streamlined. Error and delay risk has been reduced. Through automation, Banorte allocates resources more efficiently, saving up to 38% of person-hours for the users related.

Banorte is one of the largest commercial banks in Mexico and the largest retirement fund administrator in the country. With this strategic move, Banorte provides competitive market prices and smooths trade booking experience. MX.3 allows Banorte clients to operate at pace with ever-changing market dynamics.

“Banorte corporate clients demand automated and faster end-to-end booking of financial products for their enterprise needs,” said Murex Americas co-head Joe Iafigliola, in a statement. “Murex and Banorte have worked together to develop a solution that meets the precise needs and requirements of these clients. Once involving manual interventions and reconciliation efforts, Banorte can now fully automate and digitize the process.”

Banorte brought together various functional areas within the bank — sales, compliance, credit and risk teams and internal IT teams, as well as the FX and structuring desks — a reflection of the collaborative and integrated nature of the trading derivatives process. Murex client services consultants ensured design validation, offered best practices recommendations and collaborated throughout implementation as a trusted partner.


Related Posts

Previous Post
Special Report: 24-hour repo/collateral trading and lessons from equities markets
Next Post
ECB researchers on market-based networks and bank exposures

Fill out this field
Fill out this field
Please enter a valid email address.


Reset password

Create an account