How financial service companies can safely retire their legacy systems after mergers and take-overs

Thursday January 5th, 2017Chronos

CSP GmbH & Co. KG with its standard solution Chronos provides a convenient means of retiring legacy systems for banks and insurance companies – including cost reduction and compliance

 

Chronos Datenbanken archivieren bei Banken und Versicherungen

 

Thanks to the Chronos solution for database archiving, financial services companies can safely retire their unprofitable legacy system while, at the same time, ensure access to the data they contain.

 

CSP GmbH & Co. KG offers comprehensive consulting services in all aspects of Application Retirement. Following this approach, the data from legacy systems can be made available over a long period in the database archive. The IT costs of banks and insurance companies in regard to operation and maintenance of software and hardware as well as licenses are significantly reduced in this manner. At this, the archive continues satisfying the legal and internal requirements for storage (compliance). The data is outsourced to more economically priced and auditproof archive storages, which, at the same time, meet the compliance requirements regarding data access.

 

Banks and insurance companies often have applications grown over time, usually custom developments based on mainframe computers. They are frequently marked by inadequate documentation, outdated operating and development environments as well as many interfaces and high complexity. They are often only kept alive for compliance reasons because access to the information – even if seldom – stored in the applications must be possible. If more advanced new systems are meanwhile used or because there are redundancies due to mergers and take-overs, retiring the applications for cost reasons becomes necessary. This presents the conflict that the data because of legal regulations and audits as well as additional compliance requirements must be kept available unmodified, even if rarely needed. CSP solves this challenge with the standard software Chronos, a well-engineered Application Retirement based on database archiving.

 

The solution utilises an open storage format. This ensures readability of the data also in the long term. In order to investigate individual cases, the whole data inventory does not need to be activated. A simple web-based client allows researching data even after Application Retirement or accessing retired database contents selectively. Processors and the management of banks and insurance companies are therefore provided with very convenient and simple query options. In addition, the application logic can also be mapped through corresponding queries via the archive. “All that is needed is one Chronos installation – even when a large number of applications have to be retired,” explains Sales Manager Frank Werner.

 

If IT consolidation of banks and insurance companies become necessary in the framework of mergers and take-overs, a detailed look at the costs should be taken. Frank Werner: “Based on Application Retirement it is very simple and possible in regard to cost to establish the required transparency of company data for the previous and also the new organisational units of the institutions. Two objectives can thus be reached at the same time: Transparency at the one hand and consolidation on the other hand – and on top of this, the cost is reduced.”

 

In addition, the consulting spectrum of CSP includes a solidly based analysis. It quickly provides information as to which specific database queries and analyses are needed in banks or insurance companies from compliance perspective. A corresponding preparation of the research interface in the web client is part of the projects for Application Retirement.

 

 

Author: Leonie Walter, Walter Visuelle PR GmbH