Rabobank Expands Murex Footprint in Brazil, Implements Back Office

The Dutch bank meets platform application and local regulatory requirements in the Latin America context

SAO PAULO and UTRECHT, NETHERLANDS, October 24, 2023—Murex and Rabobank have furthered their partnership in a major global IT transformation journey with the successful go live of back office, operations and finance on the MX.3 platform in Brazil. This replacement project follows previous front office and risk implementations.

Rabobank Brazil’s implementation now supports a wide array of onshore and offshore products, capitalizing on MX.3’s integrated front-to-back nature. Its business scope includes trade capture and pricing, position and treasury management, post-trade and settlement, reporting, market, credit and liquidity risk, P&L and subledger accounting generation.

The project is an important business rationalization and consolidation process of the Markets and Treasury IT landscape at Rabobank Brazil. It factors in and adheres to local market and regulatory requirements, ensuring compliance with central bank rules and local accounting measures. Rabobank confirmed the solution relying on MX.3 adheres to Banco Central do Brasil (BCB), Conselho Monetario Nacional (CMN) and Commissão de Valores Mobiliários (CVM) rules and regulations.

“Murex’s out-of-the-box coverage for native Brazilian products and local market conventions transformed our capital markets systems landscape,” Rabobank Wholesale and Rural Managing Director and Markets and Treasury Tribe Lead Monique Hoeben said. “Overall, the MX.3 implementation in Brazil is another important milestone of our IT vision—our time to market for differentiation is enhanced and, at the same time, we improve the cost-income ratio and reduce TCO.”

“Continuing our long collaboration with Rabobank, we are very proud of this back office implementation in Brazil, which follows our anchored presence on the front office,” said Murex Managing Director, France and Benelux, and Rabobank Account Manager Randa Saghieh-Gaillot. “Rabobank Brazil can now execute faster time to market for local products. Without Rabobank's pragmatism and its very clear vision, this project would not have been such a success.”

Through measured go-lives and progressive delivery and selection of the Murex continuous integration offering, Rabobank Brazil minimized disruption. Design concepts initiated in Rabobank’s implementation of MX.3 were applied to the project with Rabobank Brazil.

“Since implementing MX.3 in Brazil, we have already seen significant improvements in our operational efficiency and risk management capabilities,” said Rabobank COO South America Vivian Pascoalino. “We migrated approximately 60,000 trades from the previous system to MX.3 to enable the back office processing of all Rabobank trades with Murex. The migration went extremely well and is an important milestone in our front-to-back-to-risk transformation journey. The principles of keeping IT simple, standardizing across locations and products, and maximizing straight-through processing have been critical to the success of our implementation. Overall, the MX.3 implementation will enable us to improve our competitiveness, better serve our customers and achieve our strategic goals.”

“The Brazilian capital markets, the largest in Latin America, are experiencing significant growth in transaction volume,” said Murex Americas Co-head Joe Iafigliola. “Regulatory changes in recent years helped boost the investment industry. Hence, capital markets are transforming very rapidly with a high appetite for technology to support new regulation, changing market structure and strategies toward digitalization and rationalization. We are proud as a team to support Rabobank, with the aim to rationalize its IT ecosystem and focus on strengthening its competitive positioning in the region.”

The collaboration with Rabobank Brazil is a continuation of Rabobank’s systems rationalization history with Murex, the global leader in trading, risk management and processing solutions for capital markets.