Gulf Bank picks Murex’s MX.3 treasury management platform
Kuwait-based Gulf Bank has gone live with Murex’s MX.3 platform. The breakthrough is described by the bank as a “transformative step” as it develops and automates its treasury and capital markets systems.
The MX.3 platform spans front-to-back office processing and risk management.
The project is part of the bank’s plans to become a “fully integrated digital bank”, says Gulf Bank’s general manager of treasury, Sami Mahfouz. “To achieve this, Gulf Bank is creating a sophisticated, modern treasury platform that caters to customers’ needs for a full treasury trade cycle.”
The platform will also allow the bank to diversify and expand its operations.
Mahfouz adds: “We have no doubt that our launch of Murex’s platform will improve our business model, which is based first and foremost on customer satisfaction, and will boost operational excellence to new levels across the bank’s sectors.”
Despite the pandemic and the challenges of working remotely, Gulf Bank’s treasury department worked around the clock with its partners to make the transition, says Mahfouz.
The new platform will enable the treasury department to benefit from synergies in connected functions, organisation modeling, trade repository, workflow dashboards, in-depth reporting, automated triggers, and real-time monitoring of positions and risks.
MX.3 replaces a range of silos associated with complex legacy systems and is intended to allow the bank to keep pace with change and regulations, navigating capital markets and better serving customers while improving efficiency, reducing costs, and instilling greater control over trade aspects from initiation to final matching.