Legacy systems’ migration – a get out of jail card
In today’s ever-evolving world, banks and financial institutions need to adapt and constantly offer new payment products and services. To do so, they need to rely on a powerful yet flexible platform that could support their requirements, both for today and for tomorrow.
However, a vast majority of banks and financial institutions are still feeling locked-in with their current payment platform solution. They are not relying on a modern and scalable platform, but instead they are committed with a mainframe legacy platform and technology. A legacy system refers to an old and outdated method, technology, computer system or application program that deprives banks and financial institutions from the wave of innovation and development. Many of them have built their systems based on a one-to-one communication model where systems are not unified, hence, each system has its own communication protocol, which means each system requires a specific integration. Additionally, legacy core systems have been continuously and heavily modified over the last years because processes are duplicated and not optimized, with layers of extra functionality, a lack of documentation etc. Maintaining legacy systems requires 90% of IT spending which represents a big share in the company’s budget.
Each bank and financial institution has specific requirements, but it does not mean that their only option is to continue investing in their legacy mainframe system. As they want to bring flexibility to their systems, in terms of customization and new features, they must embrace new possibilities. By doing so, they will be in a better position to boost profitability and accuracy, reduce operational costs and shape their future strategy.
For more than 20 years, HPS has invested in Product Development in order to improve PowerCARD suite of payment solutions to continuously and consistently redefine payments in the most innovative forms. HPS is a trusted partner and veteran in matters of change and modernization, with broad and acute expertise in legacy systems replacement. It has helped many banks and financial institutions to transition their systems fully, smoothly and seamlessly to PowerCARD. HPS has an extensive track record in several regions in the world (Asia, Middle East, Africa, Europe). Amongst them, a leading bank in Europe for which HPS achieved recently a seamless migration of various systems (card management system, switch, ATMs etc.) during a big bang migration, in less than 4 hours.
HPS has proven migration processes and tools with well identified step-by-step actions, migration loading routines ready from day 0, optimization through raw files importation, agile cut-over preparation through multiple dress rehearsal and flexible migration strategy.
To know more about HPS’ experience and success stories on migration and legacy systems’ replacement, please contact email@example.com