Migrating core banking services to the cloud is a must-do for any banking core modernisation programme; however, it can be one of the most challenging, costly, and complex elements of any bank’s cloud transformation and implementation strategy. Together with Accenture, we have detailed our collective view in this joint thought-leadership blog: Accelerate Bank Transformations with Cloud-native Cores.
Accenture Data Migration Platform (ADMP) is a tried-and-tested migration tool that has achieved more than 150 successful migrations across many industries, including financial services worldwide for nearly 20 years. The tool has a proven methodology and is highly adjustable, scalable, and compatible with inputs and outputs from a large variety of source and target systems.
Thought Machine and Accenture have been working together to configure ADMP to assist banks with Vault Core migrations.
ADMP can support Vault Core migrations through:
All of which shows the results of the transform-and-load elements of a Vault Core migration.
These efficiencies can enable a faster go-live by minimising ETL tooling build.
Together we have proven these capabilities through a series of test-and-learn MVPs, on different product types and at different volumes
The customised ADMP tool helps you accelerate your core modernisation with three key features:
Pre-defining Vault Core’s target structures across key resources (customer, account, and posting data) is integral to our tailored transformation tool. This capability reduces the effort required in data mapping, focusing on the source’s target state only.
The Transformation Tool has the potential to save up to three weeks of dedicated FTE effort on target mapping. As part of this tool, unique product-specific fields (e.g. length of term for a specific mortgage type) are identified from a Vault Core smart contract and factored into mapping. Both elements of this mapping and transformation process have been tested across key product types: current accounts, loans, and mortgages.
The Data Messenger leverages custom-built APIs that automatically call up Vault Core’s migration APIs and sends transformed data automatically for optimum efficiency, removing 8+ weeks of custom development, simplifying the integration of client APIs to Vault Core’s Data Loader.
The Data Messenger has been tested across current accounts, loans, and mortgages, as well as numerous customer and account scenarios.
Custom write-back functionality enables field-level operational reconciliation. This reconciliation ensures data accuracy via configuration to Vault Core’s built-in quality thresholds and significantly reduces the processing effort of individual Vault Core messages.
Reports are generated to show the output of reconciliation and quality checks. These reports help banks understand quickly why and where any issues have occurred in the migration process. Error messaging and individual account-level information are provided for the user to perform further analysis if required.