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VISION client stories:
Investment Banking
Client: Global Investment Bank
Project Duration: 41 months ongoing
Project Size: 6,400 Days Effort
Title: Confirmations Workflow Management
In February 2002, the Client's OTC Derivatives division required an external partner, to build and deliver a new Confirmations Processing system. This would be a major new workflow application to manage all aspects of its confirmation generation and tracking process (including document generation, approval, dispatch, receipt, indexing and matching).
The system was:
- To set the direction for all OTC Derivatives systems for at least the next 5 years;
- To result in substantial head count savings;
- To improve tracking and controls; and
- To facilitate the decommissioning of legacy systems.
VISION carried out a detailed diagnosis of the requirements through a series of joint workshops with the Client's business and IT representatives. The outcome was:
- A pilot project was agreed; and
- A joint Client-VISION team was quickly mobilized from VISION's Belfast office.
The objectives of the 3-month pilot project were to:
- Determine the project scope and high-level requirements;
- Get business case approval;
- Define a technical approach and select appropriate tools and packages; and
- Establish VISION as the Client's development partner for this project.
The above objectives were met and VISION was retained to undertake the full project. The team for the pilot project remained in place and additional resources were added to ramp-up the team (peaking at 10 FTEs).
The VISION team:
- Facilitated workshops and worked with the Client's business analysts to document requirements;
- Prototyped, built and designed the solution, working closely with the Client's team to integrate the new technology seamlessly with the existing legacy systems;
- Planned, scripted and managed the system test phase for the entire system and provided input into user acceptance testing; and
- Produced first-cut user guide, training material and procedure guides.
The project has resulted in the following outcomes to date:
- A new global OTC documentation workflow system - used by centres in Europe, USA and Australasia;
- Approximately 500 users globally on-line at the same time - with hundreds of users globally receiving training enabling them to go live on the same date;
- Migration of several thousand workflow items from an existing workflow application;
- Feedback has been excellent, with minimal bedding in issues;
- Improved business efficiency and significant head count savings;
- Strengthened control within the bank and an increase in automation;
- Achieved Straight Through Processing - trades going from deal capture to confirmation affirmation without any human intervention required; and
- Increased operational capacity within the Client's, by freeing up individuals to perform more value added tasks.
The solution was built using the J2EE framework and leveraged a 3rd party document generator and workflow engine (IPI's Scrittura). The application was built on an Oracle database and integrated with several C++ legacy applications.
The project is still on-going and is on schedule to complete in 2005.
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