success story

Leading Australian Multinational Bank Reduces Testing Efforts by 30%

with Virtusa’s Murex Front-to-back Test Automation Solution 

The bank’s existing confirmation and payments settlement system was running on an outdated Murex version that did not allow effective automation.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.

The Solution

Virtusa recommended setting up a Murex Testing CoE comprising techno functional test resources to enable faster time to market of the bank’s confirmation and settlement roll outs.

 A three-stage testing engagement was recommended that included:

  • Strategic fulfillment and TCoE planning
  • TCoE setup and transition to managed services
  • Use of reusable components and accelerators along with continuous improvement.

The testing approach for the Murex upgrade involved a go-live testing strategy for integration and sanity testing. After a detailed analysis of business test scenarios, Virtusa recommended functional and regression testing to ensure maximum test coverage. 

The solution included defect management and root cause analysis for UAT and production defects. It also included dress rehearsal before moving to the production environment. Key technologies included Murex Ver 3.0, MXML, MSL, XSL and XSLT, Datamart, Sybase, ALM 11.0, and JIRA. Virtusa prepared robust business test scenarios and a test strategy to assess whether the application when stressed under varying scenarios yielded better outcomes. It was ensured that the library of customizable test cases was reusable across environments and easily upgraded across Murex releases. The solution helped accelerate configuration of test packages, trade insertions, events, processing script execution and result analysis. Virtusa implemented the solution through a co-managed onsite/offshore model. 

Test Automation Solutions
The Benefit
  • Reduced total cost of ownership for the upgrade by 25%
  • Reduced testing efforts by 30-40%
  • Enabled a faster time to market
  • Minimized UAT defects and production defects
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