Danish fintech company Bankdata has selected Accenture to modernise its operations and shift its capital markets platform to the cloud.

Under the terms of a multi-year agreement signed by the parties, Accenture will deliver risk and front-to-back-office services for Bankdata’s member banks through a tailored Murex MX.3 platform.

The engagement with Accenture is expected to drive cost efficiencies along with ensuring compliance with regulatory requirements for the member banks.

Bankdata will utilise Accenture Applied Technology and Operations for Markets, a multi-client service for banks and asset managers that provides a variety of as-a-service capabilities in front-to-back-office technology and operations processing.

The service will offer treasury, trading, post-trade processing, and risk services for the fintech company and its member banks by leveraging Murex’s MX.3 platform.

The Danish company’s ownership group is said to use MX.3 for trading complex financial products including currency, derivatives, interest rate and currency swaps, with a daily turnover of about $42bn. Its ownership group includes Sydbank and Jyske Bank.

Bankdata senior vice president Christian Wiese said: “We have successfully developed and implemented a capital markets platform which is fundamental to our owners.

“Now, we enter a collaboration with Accenture affording us considerable flexibility while also optimising cost-efficiency.”

Furthermore, the collaboration between Accenture and Bankdata will help the latter’s to set up development and test environments swiftly, which can be scaled up and down depending on the demand. This will be made possible by migrating the platform to the cloud and managing it via Accenture’s cloud-hosted architecture along with adopting a regular system upgrade policy.

According to Accenture, it will collaborate with Bankdata to operate and maintain the platform and to provide regular upgrades.

Accenture Europe capital markets industry lead Tom Syrett said: “Capital markets firms face continued pressure to deliver agile business offerings that meet clients’ expectations in a cost-constrained environment.

“The agreement with Bankdata and Murex brings together Accenture’s expertise in managing complex financial platforms with our collective investments in cloud, DevOps, data and AI to deliver long-term results.”