GBM - Global Banking Modernization
Executive Summary / Key Highlights:
- Initiative to replace and consolidate the various cash and payments platforms
- One of the leading global financial institutions
- Replacement of legacy systems
The Client: One of the world's largest asset management and financial services institutions.
Problem Statement: Our client wanted to replace and consolidate the various cash and payments platforms on a global basis, with an emphasis on consistent processes and procedures. The legacy systems were going to be replaced with the Finastra Global PayPlus (GPP) payment system integrated with the Temenos banking system.
Solution: Together with the client we decided to use Global PayPlus. It was supposed to receive payments from upstream initiation systems, as well as the external network. T24 was used to record the debit/credit postings to the respective cash accounts and support associated payment control functions.
During the project: We set up a team of consultants with previous experience in T24 data migration and implementation. The team had a few knowledge sharing sessions on T24 products to assure that everyone is up to date with the system. Maxima consultants have analyzed and designed the product configuration, they have defined the customization needs to fulfill all the business requirements. To establish end-to-end connectivity we have worked with multiple teams, we assisted them with software deployments and configuration activities across multiple environments. Thanks to the good cooperation we could identify, define and coordinate any development activities during all the different releases.
Results: Good understanding of the banking industry and regulatory requirements helped with the project development. The system provides greater transparency into the lifecycle of a payment transaction in the banking system, and bank users can use new business solutions to their advantage. At the end of the project, we provided technical training for the support staff, ensured operational readiness, and participated in activities around any migration tasks.