Legacy systems hold over 75% of a bank’s workloads and most mission-critical functionality. Although they are reliant and stable, they are the bottleneck of digital transformation. Mainframe technology and core on-prem systems are complex, homegrown, monolithic, and unsuited for handling technological innovations to compete with digitally native competitors.
OpenLegacy connects natively, directly, and in a non-intrusive way to legacy systems, allowing the bank to generate digital-ready services that can be deployed as any endpoint, including standard microservices or serverless functions. These can be easily called by Vault Core through a single API. This allows banks to run their legacy systems alongside Vault Core and ensures continuous innovation in a hybrid environment.
Low-risk digital transformation
OpenLegacy’s approach enables a lower risk, rapid, and cost-optimised modernisation journey that empowers a bank to be fully digital and cloud-native, regardless of its legacy complexity. All without intruding or changing the underline technology, hence decreasing technical debt.
Accelerating the coexistence approach
Our integration enables the simple routing of data and business processes stored on legacy technology and eases migration between mainframes or mid-range systems and the Vault platform via APIs. Existing and back book products continue to run on the old core, while new products are launched on Vault Core.
Long-term cost and revenue benefits
This integration enables banks to accelerate go-live with new greenfield propositions by quickly harnessing data and logic in their legacy back-end systems. This accelerates the potential for revenue generation and rapid client penetration. Additionally, the integration makes use of OpenLegacy’s Hub, featuring reusable, standardised assets and low-code, no-code options that reduce the cost of bridging the gap between digital services and legacy core systems.
Unlock the potential for innovation
Our integration with OpenLegacy connects old and new, bringing legacy banks into the 21st century. Thought Machine’s smart contracts enable any type of financial product to be built on Vault Core, and OpenLegacy allows relevant data in legacy infrastructure to be accessed
The integration with OpenLegacy Hub enables banks to connect legacy systems and Vault Core via APIs to develop a cloud-native service through a coexistence approach. This allows for the execution of identical actions on both the mainframe system and Vault Core, ensuring consistency and enabling them to coexist harmoniously.
The integration covers both usage of the Vault Core REST API and the Posting API (Kafka), and as such, the flow can be asynchronous. OpenLegacy provides a Kafka connector that is able to produce and consume messages to and from a topic.