The bank’s existing confirmation and payments settlement system was running on an outdated Murex version that did not allow effective automation. This led to increased time for customizations and extended testing cycles, which resulted in higher cost of ownership, and reduced productivity. Given that treasury contributed to 25-30% of the balance sheet of the bank, it was imperative to fast track confirmation and payments settlement.

As the bank’s strategic partner for over six years, Virtusa had in-depth knowledge on the bank’s existing landscape. Through a three-stage approach, Virtusa set up a Murex Testing Centre of Excellence (TCoE) that provided comprehensive functional and regression testing support. Through accelerated automation, the solution minimized UAT and production defects and helped the bank to quickly upgrade to the latest version of Murex thereby improving productivity and time to market.

The challenge

Given the high volume of financial transactions in the capital market, it was critical for the bank to have defect-free software that minimizes risk, ensures compliance, and is cost-effective.

The bank’s existing settlements system ran on Murex version 2.11 that supported only 37% automated workflow. It was imperative for the bank to conduct meticulous testing of applications to minimize chances of failure and subsequent financial losses. The Murex manual testing procedure included test cases for trade insertion, events, portfolio simulation and covered functional and regression testing. The existing process increased UAT and production defects, and impacted time to market. The legacy systems across the front, middle, and back office made it difficult for the bank to run the full spectrum of securities operations seamlessly.

The bank wanted to migrate to an upgraded version of Murex, beginning with its FX (foreign exchange) assets, followed by other trading assets in their investment banking portfolio.

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