National Bank of Kuwait replaces its legacy systems with Murex’s MX.3
The National Bank of Kuwait (NBK) is set to replace the legacy systems running its capital markets division with Murex’s MX.3 platform.
The Parisian vendor will become NBK‘s choice for trading, bookkeeping, risk management, operations, collateral management, treasury and more.
MX.3 will be deployed across the bank’s Kuwait headquarters and its Paris, London, New York, Singapore, Dubai, and Beirut subsidiaries.
According to Murex the replacement process is underway with the first go-live expected in 2020.
Jad Zakhour, deputy general manager for group treasury at NBK’s, says that the deal marks the bank’s keenness to implement “top notch, high-tech and most efficient” solutions as part of its digital transformation strategy.
He adds: “Integrating our business portfolio with Murex MX.3 platform will help provide cutting-edge technology and unique product innovation for the whole Group.”
For Philippe Helou, co-founder and managing partner at Murex, the deal is one occurring amid “a trend in the region towards high-tech, fully integrated solutions to replace legacy platforms”. Helou adds that Murex is hoping to establish a long-term partnership with the bank.
NBK was the first financial institution and shareholding company in the country and the local Persian Gulf region.
The bank launched its Swift gpi services using an integration system from payments software firm ACI Worldwide in January 2019.
It’s Egyptian subsidiary deploys Temenos’ Treasury Trader software, having gone live with it in August 2016.