Application Data Migration solution removes complexity, reduces cost and minimises risk for easier compliance with legislation-driven initiative
London, UK, 24 February, 2010 – Celona, the leading provider of Application Data Migration software, has moved swiftly in response to the complex issue of Financial Services Compensation Scheme (FSCS) compliance.
UK deposit takers will be required to provide the FSCS with a Single Customer View (SCV) file, providing details of a customer’s aggregate deposits and the amount of compensation due, within 72 hours of the request being made. However, the process of producing an SCV file for submission to the FSCS is proving an expensive and complex task. Ernst & Young, for example, highlight the significant financial impact, estimating that the core cost of the SCV could be between £431 and £539 million. For the largest banks in the sector, this equates to a multi-million pound project.
"The next few months are critical for financial institutions as they race to comply before 31st December 2010. This is a highly complex and expensive process, especially for larger banks due to the number of portfolio products across their customer base – but all financial institutions will face difficulties in ensuring their systems are FSCS compliant, on top of the usual daily business demands," said Charles Andrews, CEO, Celona. "What is at first sight a fairly simple requirement for the business is a sizeable problem for the IT function due to the large amounts of data migration involved."
The Celona FSCS solution delivers a low-risk, fully compliant migration solution, along with a business-level audit trail and production of the SCV data to meet the FSCS deadline. Using a new generation application data migration platform, Evolve from Celona, the solution is specifically designed to de-risk the data migration process by understanding the context by which data is being used in the organisation, and to preserve that context throughout the migration process. One significant advantage for users is the ability for Evolve to migrate data while concurrently synchronising it between legacy and new application systems with minimal risk and without business disruption.
The Celona Evolve platform for Financial Services has been specifically designed for the financial industry focusing on providing business agility never previously possible with traditional migration tools and methods. Celona Evolve is able to handle all data migration activities, delivering:
- Significantly reduced risk – taking data migration off the critical path.
- Zero downtime – nothing goes off-line.
- Earlier results in the migration cycle.
- Business audit trail demonstrating compliance.
- Lower cost of compliance and migration.
- Faster implementation of new systems.
- Ease of maintenance.
- Re-usable for future data migration projects.
Further details of how to overcome the issues of FSCS compliance can be found in a new Celona white paper available at http://www.celona.com/data-migration-solutions/industries/financial-services/FSCS .
About Celona Technologies
Celona is the leading provider of Application Data Migration software specifically developed for organisations who are managing complex application migrations driven by transformation, or who are upgrading their legacy systems and applications to optimise efficiency, customer focus and costs. Celona Evolve is the software platform of choice for organisations who want to remove data migration from the critical path, that require a business-centric application data migration approach which delivers zero downtime, lowers risks and costs with compliance, in the shortest timeframes. Headquartered in London and with a worldwide customer base, Celona was founded in 2005 and is privately held. For more information visit www.celona.com.
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