May 11, 2023 by Rammohan Duraikannu and Ian King
Modern banking requires constant innovation and changes to its products and services to keep in-line with client’s preferences. It’s imperative that the core banking systems supporting these functions are agile, scalable, resilient and portable. Banks around the globe have launched initiatives and programs to modernize their core banking systems and embrace newer technologies to quickly adapt and deliver products and services to the market.
Temenos continually invests in the Transact core banking solution to address client needs through the new modules, features and functions available with every major annual release. An annual benchmarking exercise on various stacks is performed to ensure the application complies with modern tenets of architecture (agile, scalable, resilient and portable). Banks running on Temenos always have access to the newest features to power modern banking requirements, so they must upgrade regularly to stay ahead of the competition.
In most cases, Temenos upgrades have a broader scope than the simple release upgrade process and that scope varies for each client. Clients can perform a technical upgrade to update the underlying technology infrastructure, a functional upgrade that enhances product and service capabilities, reengineer their architecture, or re-platform.
Whatever the bank’s objective might be, Luxoft is a reliable and innovative partner, enabling each firm to reach its target state through our various banking software services.
Luxoft’s Banking and Capital Markets teams partner with banks around the globe to assist their digital transformation journeys through platform modernization and developing new operating models that focus on improving the customer experience. As a Temenos partner, Luxoft is well placed to apply the knowledge and expertise gained from these implementations with other Temenos clients.
In 2020, Luxoft signed a global strategic agreement for an expanded partnership with Temenos to accelerate the digital transformation strategy for our large bank customers. Luxoft is also one of the very few global certified upgrade partners, certification being achieved in record time thanks to our wealth of experience and understanding of the upgrade process.
Our Transact upgrade experience is second to none. Luxoft‘s dedicated and dynamic upgrade team has developed a unique insight into the upgrade process through performing complex transformations and upgrade projects, improving performance with minimal downtime.
Here’s a quick overview of our team’s expertise:
Being a certified upgrade partner, Luxoft follows the TIM approach enriched with value-added processes. Broadly speaking, the approach consists of four distinct phases:
The upgrade tools developed by Luxoft. Each tool is purpose-built to ensure a quality upgrade.
Scoping tool which helps extract and create a detailed overview of the Transact setup/configuration, local developments, impact on release upgrade, etc. Helps deliver accurate scoping and estimation.
Transact-specific comparison tool to compare data between source and target systems. Helps to validate the data integrity post-upgrade process.
Exclusively developed to provide insight into financial reporting lines in Transact and identify transactional-level differences between pre- and post-upgrade.
Provides a detailed catalog of the components implemented in a Transact environment including parameterization with dependency information. Helps identify used/unused components for cleanup/decommissioning or for decomposing the core.
Luxoft’s automation framework enables future upgrades, minimizing the effort and time spent on the upgrade process. This value-add service is offered on request as the setup and execution steps vary with each Transact implementation.
Banks can take advantage of many new Temenos features and frameworks by implementing them as part of the upgrade. Framework deployment provides banks with new modes of API-driven integration and the use of microservices. This ensures systems are more scalable and flexible. In addition, some of the upgrade core features reduce the bank’s dependency on local customizations, utilizing total Transact functionality.
Luxoft works with clients to build an upgrade strategy and tailor the roadmap to provide incremental business capability in-line with business priorities. Together, we address technology obsolescence and rearchitect the landscape to future-proof the application. This progressive digital roadmap is designed to minimize impact on BAU operations and allow for the upskilling of existing IT support and operations teams.
An upgrade can take anything from a few months to a couple of years to complete. Understandably, prospects need an idea of the cost and timescale of an upgrade process. So, we undertake a free scoping exercise to get to know the system and client requirements.
The client completes a questionnaire, providing a detailed description of their current- and desired end-state architecture. Then Luxoft prepares a client-specific upgrade analyzer tool, designed and executed in the client’s environment to provide the required transformation data and insights.