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GLOBAL FINANCIAL SERVICES FIRM ACHIEVES COST SAVINGS, ENHANCED PERFORMANCE AND SCALABILITY WITH MODERNIZATION AND MIGRATION

CLIENT

 

A leading global financial services firm with a strong presence in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and private equity. They are known for delivering innovative financial solutions, exceptional customer service, and technological advancements to meet the diverse needs of its clients.

BUSINESS CHALLENGE

The firm faced the challenge of modernizing its legacy mainframe applications to align with its strategic vision of a cloud-based New Banking Architecture. The existing mainframe environment was becoming increasingly costly to maintain and lacked the agility required to support rapid business growth and innovation. The objective was to migrate 12 critical mainframe applications, comprising 725,000 lines of code, to a modern, scalable, and efficient cloud-based platform while ensuring minimal disruption to business operations and improving overall system performance.

SOLUTION

 

Mphasis approached the task with a comprehensive migration and modernization strategy which included :

  • Migration Strategy - Modernizing (re-architecting) the legacy mainframe using a Domain Driven Design (DDD) approach. Ensuring end-to-end migration within 10 months, including User Acceptance Testing (UAT) and cut over to the new platform.
  • Agile-Based Modernization - Implementing agile-based methodologies for parallel execution of rules migration and application build.
  • Domain-Driven Development - Utilizing a domain-driven development approach to align the migration with specific business domains and requirements.
  • Business Rules Extraction - Using the AveriSource ISAT tool for efficient business rules extraction, achieving over 50% efficiency improvements.
  • Microservices Architecture - Developing and deploying domain-specific Photon Microservices on the Tanzu application platform.
  • UI/UX Modernization - Replacing all CICS screens with NextGen UI/UX components for improved user experience.
  • Data Migration - Migrating mainframe data stores (VSAM and DB2) to Cassandra DB.
  • Integration - Ensuring seamless integration with existing Bank to standards for Resiliency, Authentication, Authorization, RBAC, CICD and IaC automation to address the Minimum Migration Requirements.

THE SOLUTION WAS EXECUTED THROUGH A HOST OF AWS SERVICES :

  • Amazon EC2 - For scalable compute capacity
  • Amazon RDS (Relational Database Service) - For managed database services
  • Amazon S3 - For secure, scalable storage
  • AWS Lambda - For serverless computing and executing code in response to events
  • Amazon CloudWatch - For monitoring and managing operational health
  • AWS Glue - For data integration and preparation
  • Amazon DynamoDB - For NoSQL database services

BUSINESS BENEFITS

Enhanced Performance and Scalability
Improved system performance and scalability to handle increased transaction volumes through migration to cloud-based architecture

Increased Cost Savings
Reduced maintenance and operational costs associated with legacy mainframe systems

Improved User Experience
Enhanced user experience, satisfaction, and productivity enabled by NextGen UI/UX components that offer a modern and intuitive interface

Increased Agility
Increased agility through agile-based modernization and microservices architecture allowing for faster deployment of updates and features

Robust Data Management
Better data management, data accessibility, scalability, and performance through transition to Cassandra DB

Seamless Integration
Effective integration with existing systems to ensure continuity of operations and adherence to high standards, minimizing disruptions