The challenge:
bunq, the second largest neobank in Europe, needed a vendor solution that would allow the neobank to address the changes required by the EBA for IRRBB and CSRBB. Given bunq’s rapid growth across the European Union, the challenger was also poised to automate some of the manual processes in Treasury Operations and find a vendor who could offer a holistic solution addressing both the regulatory needs of the team as well as a TMS.
The solution
MORS is the only vendor package on the market which can offer ALM and Treasury Management “in the same box”. Partnering with MORS Software became an obvious solution for bunq to address the regulatory and operational needs of ALM and Treasury. When MORS Software were able to de-risk the project by offering a fixed price implementation, bunq were able to feel confident about replacing their current system in time and within budget ahead of the regulatory deadline and to support their rapid business growth.
Key Features
MORS’ solution leverages state-of-the-art technology in IRRBB and Treasury Management Systems (TMS), supporting bunq in strengthening its treasury operations and risk management capabilities. A major advantage of MORS’s offering was the integration of both TMS and IRRBB within a single comprehensive SaaS solution.
MORS Software’s IRRBB solution is a fully compliant system designed to meet the European Banking Authority’s (EBA) regulatory requirements. This innovative solution, delivered via a cloud-based SaaS model, automates the complex processes required for IRRBB management, such as regulatory reporting, risk analysis, and scenario testing. The ability to test various interest rate shock scenarios in real-time provided critical insights that improved the bank’s risk management and decision-making processes.
A key innovative feature of the solution is its automation of compliance with regulatory standards, eliminating the need for manual interventions and ensuring that banks meet the EBA’s stringent guidelines.
The MORS Treasury Management System (TMS) lies at the core of this strategic partnership, offering comprehensive front-to-back-office treasury management, integrating position keeping, analysis, risk management and trade processing. The system offers visibility across the entire business, enabling optimal funding, hedging, and risk management decisions. It effectively automates and streamlines treasury department operations, freeing up resources and reducing operational complexity.
Furthermore, the MORS solution offers a scalable platform that is ready to support bunq’s future growth and adapt to shifting market demands.
Results
Outcomes of the Partnership
bunq has replaced its existing vendor system with MORS Software, designed to meet regulatory compliance needs and automate Treasury operations. MORS Software is not just a provider but a dedicated partner, committed to supporting bunq’s global growth and expansion.
Partner’s Reflection
“We are excited to partner with bunq and support their continued innovation and growth within the fintech and neobank sector,” said Niklas Fellman, Chief Commercial Officer of MORS. “Our holistic solution is tailored to provide bunq with a comprehensive approach to financial stability and regulatory adherence, ensuring all aspects of financial management are seamlessly aligned. We anticipate a mutually beneficial and productive collaboration”.
For further information, please contact:
Sofia Maunula, Marketing Manager, MORS Software
Email: Sofia.maunula@morssoftware.com
Phone: +358 40 820 4310
About MORS Software
MORS Software is a leading Nordic solution provider for Treasury, Liquidity Risk Management and ALM (Asset and Liability Management) in banks.
About bunq B.V.
Founded in 2012 by serial entrepreneur Ali Niknam, bunq has brought lasting change to the European banking industry. By having its users at the heart of the business and building a product rooted in their wants and needs, bunq quickly scaled to become the second largest neobank in the EU. Serving digital nomads across the European Economic Area, bunq makes life easy for location-independent people and businesses starting from the way they manage money: how they spend, save, budget and invest.
Pioneering many things considered impossible, bunq was the first bank to get a European banking permit in over 35 years, raised the largest series A round ever secured by a European fintech (€193 million), and was the first EU neobank to achieve structural profitability at the end of 2022. On its mission to build the first global neobank for digital nomads, in April 2023, bunq announced its bid to enter the US market by applying for a banking license.