Firstly, please can you explain the overall project that Excelian completed?
Graham Loveitt: Our client migrated from Mx2.11 to Mx3.1 in two phases; Phase 1 focused on Rates and Fixed Income whilst Phase 2 is focused on Commodities.
Excelian delivered the first phase of the project with a team of over 30 specialised consultants. Our team was structured into 5 streams (Front Office, Back Office, Integration, Reporting and Migration) who were responsible for all aspects of the delivery including requirements, design, implementation, testing and project management.
What solution did Excelian provide for the client?
Graham Loveitt: Excelian provided a highly skilled team covering all disciplines required (from Project Management, Team Leads, Murex and Financial product subject matter experts (SMEs) to more junior Murex analysts). Moreover, Excelian’s international delivery capability meant that whilst the core team were based in Sydney, where local skills were scarce, we were able to scale up as required with specialist skills based in our London and Cape Town offices.
Our solution also leveraged the last 14 years of building processes, tools and templates for Murex upgrade and migration projects (including our Smart Suite of migration, reconciliation and regression testing tools) as well as our partnership with Murex around their MXpress methodology.
What were the major challenges that were faced during the implementation?
Graham Loveitt: The main challenge was around the complexity of the migration stream where it became apparent that the level of customisation on products far exceeded the targets set by the bank during the initial analysis period. However, by scaling up the team at critical points, we were able to meet the original targets and deliver a successful migration.
Managing a large Excelian team and user base in multiple locations was also a challenge, but Excelian used a proven delivery framework and governance structure tailored to the client’s internal model to demonstrate our ability to deliver large migration projects on a multi-location basis.
Why was this such an important project for Excelian?
Graham Loveitt: Excelian and Murex consider this to be somewhat of a landmark project as it was the first sizable multi-asset, front to back office MxG2000 to MX.3 migration project in the APAC region.
What were the business benefits the client gained as a result of the project?
Graham Loveitt: Migrating to one of the latest versions of MX.3 offers the client significantly enhanced functionality, an ability to extend their business (both in terms of product coverage and volume) and to deprecate the old MxG2000 platform thus reducing operating overheads and total cost of ownership.
The client will also experience significant performance improvements and stability around user actions and batch processes, as well as the use of the new features of v.3.1 which standardises the client’s procedures.
How would you describe the client’s experience of working with Excelian?
Graham Loveitt: The client was impressed with the commitment of all of the teams involved (the bank, Murex and Excelian) to deliver even through some tough challenges with scope and timescales. Similarly the client welcomed all of the approaches to recording ‘lessons learned’ after each successful phase of the project to improve future phases. Due to the commitment and skills of the bank, Murex and Excelian, the bank is very pleased to have delivered a challenging but successful initial phase of the project into a stable production environment, and work continues to complete the final two phases of the migration for Fixed Income and Commodities.