Banorte Signs with Murex for FX
Posted by Colin Lambert. Last updated: November 10, 2023
Mexico’s Grupo Financiero Banorte has extended its relationship with Murex by integrating the latter’s MX.3 software with its single dealer portal, Cambios Banorte en Línea, to bolster its FX derivatives offerings to its corporate clients.
The bank says it has implemented a self-service model to strengthen its corporate client business and further its digitalisation strategy, that allows these clients to execute FX derivatives transactions. It adds it adapted processes to conform to the self-service product being offered to clients – internal workflows were revisited and risk management procedures were redefined.
“The Banorte transformation journey has involved many breakthroughs,” says Abraham 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.”
Murex Americas co-head Joe Iafigliola, adds, “Banorte corporate clients demand automated and faster end-to-end booking of financial products for their enterprise needs. 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 digitise the process.”