Banorte and Murex Partner to Empower Bank Digitalization Strategy

Corporate clients of Mexican bank perform FX derivatives transactions by integrating MX.3 with internal banking portal

MONTERREY, MEXICO, and PARIS, November 9, 2023—Grupo Financiero Banorte has enhanced its FX derivatives trading client services, powered by MX.3, Murex’s integrated platform.

The leading Mexican bank implemented a self-service product to strengthen its corporate client business and further its digitalization strategy. The goal of Banorte is to enable these clients to perform FX derivatives transactions by integrating MX.3 with an internal banking portal, Cambios Banorte en Línea (CBL). The back end of MX.3 facilitates complete self-service functionality to these clients, which experience significantly improved FX derivatives trading process efficiencies.

"The Banorte transformation journey has involved many breakthroughs,” said Abraham M. 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."

Banorte adapted processes to conform to the self-service product being offered to clients—internal workflows were revisited and risk management procedures were redefined. Banorte’s team adapted and learned to accommodate the transition.

MX.3 software integration has eliminated the need for manual captures. Operations have been streamlined. Error and delay risk has been reduced. Through automation, Banorte allocates resources more efficiently, saving up to 38 percent of person-hours for the users related.

Banorte is one of the largest commercial banks in Mexico and the largest retirement fund administrator in the country. With this strategic move, Banorte provides competitive market prices and smooths trade booking experience. MX.3 allows Banorte clients to operate at pace with ever-changing market dynamics.

“Banorte corporate clients demand automated and faster end-to-end booking of financial products for their enterprise needs,” said Murex Americas Co-head Joe Iafigliola . “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 digitize the process. At Murex, we witness this commitment through every level of Banorte’s organization every day, and we take pride once more in our role as a trusted partner in achieving this milestone.”

Banorte brought together various functional areas within the bank—the sales, compliance, credit and risk teams and internal IT teams, as well as the FX and structuring desks—a reflection of the collaborative and integrated nature of the trading derivatives process. Murex client services consultants ensured design validation, offered best practices recommendations and collaborated throughout implementation as a trusted partner.

Banorte and Murex have a 12-year history of collaboration. Banorte has expanded MX.3 use over this time, incorporating new modules and asset class coverage. In 2022, Banorte built a completely new XVA desk and revamped its PFE limits management. It chose Murex to support its risk and front office teams.

Banorte and Murex strong collaboration will be key to expand the digitalization strategy to new asset classes by capitalizing on robust MX.3 capacities and its rich product catalog.

Read the full use case of the Murex digitalization project at Banorte.