Mexican bank, Grupo Financiero Banorte, is working with MX.3, Murex’s integrated platform, to introduce a self-service to strengthen its corporate client business and further its digitalisation strategy. 

Abraham M. Izquierdo, managing director, traded and treasury risks at Banorte

“The Banorte transformation journey has involved many breakthroughs,” said Abraham M. Izquierdo, managing director, traded and treasury risks at Banorte. “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.”

The goal of Banorte is to enable its 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 bank has adapted processes to conform to the self-service product being offered to clients—internal workflows were revisited and risk management procedures were redefined. Banorte’s team adapted and learned to accommodate the transition.

MX.3 software integration has eliminated the need for manual captures. As a result, operations have been streamlined and error and delay risk have been reduced. Through automation, Banorte allocates resources more efficiently, saving up to 38 per cent of person-hours for the users related.

Adjusting to evolving markets

Enhancing its FX derivatives trading client services, Banorte provides competitive market prices and smooths trade booking experience. MX.3 allows the bank’s 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. “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, the bank can now fully automate and digitise the process. At Murex, we witness this commitment through every level of Banorte’s organisation every day. We take pride once more in our role as a trusted partner in achieving this milestone.”

The bank brought together various functional areas within the bank—the 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.

Banorte and Murex have a 12-year history of collaboration. Banorte has expanded MX.3 use over this time, incorporating new modules and asset class coverage. In 2022, Banorte built a completely new XVA desk and revamped its PFE limits management. It chose Murex to support its risk and front office teams.

The two companies’ strong collaboration will be key to expanding the digitalisation strategy to new asset classes by capitalising on MX.3 capacities and product catalogue.

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