Piraeus Bank Completes Rationalization Project with Murex

Transformational move to MX.3 is completed on time and on budget and meets strategic direction of financial institution

ATHENS and PARIS, March 16, 2022—Piraeus Bank, the largest financial institution in Greece, has successfully deployed the MX.3 platform, completing a front-to-middle/risk-to-back integration.  

Piraeus Bank worked in close partnership with Murex, the global leader in trading, risk management and processing solutions for capital markets. 

In its selection of MX.3 as a single platform for its treasury and capital markets activities, Piraeus Bank improves time to market for new products and enables seamless activation of new services and modules.  

With MX.3, the entire Piraeus Bank workflow is automated—this leads to high straight-through processing rates, which in turn reduce manual intervention and decrease operational risk exposure.  

Adhering to tight deadlines and using internal agile cross-functional teams, the bank, in close cooperation with Murex, successfully implemented the transformational project in “record” time and on budget despite challenges posed by the COVID-19 pandemic. The transition enables the bank to capitalize on a unified system and one trade repository that provides complete end-to-end coverage across all asset classes, from flow products to complex derivatives.  

The MX.3 platform delivers strong tech infrastructure to meet changing capital markets requirements, as well as an increasingly challenging regulatory landscape. MX.3 enables smooth workflow across front-to-back-to-risk management and processing. 

Murex Senior Business Development Manager Rudolf Lorfing cited Piraeus Bank’s close collaboration throughout the process as key.  

“The Piraeus Bank team’s dedication and professionalism were instrumental in our success, particularly as this implementation was largely executed remotely, given the COVID-19 context,” Lorfing said. “Piraeus Bank and Murex were flexible, adaptable and up to the task.” 

Murex continues to work with Piraeus Bank to help the organization maximize the value of the platform and meet new business and regulatory requirements.