TL;DR:
- Compass UOL launches Automated Mainframe Modernization (AMM) program for financial institutions.
- AMM streamlines core financial processes, reducing risks associated with system updates.
- Mainframe software powers critical functions like account processing and real-time transactions.
- AMM leverages modern programming languages, new tech stacks, and cloud capabilities.
- Compass UOL’s AWS Financial Services Competency and Gen AI software play a pivotal role.
- Partnership with mLogica enables the conversion of legacy Cobol and Assembler code.
- The result is a faster, more secure, cost-effective system adaptable to emerging trends.
- Compass UOL’s CEO envisions banks creating cutting-edge applications themselves.
- mLogica provides comprehensive solutions for mainframe re-platforming and code conversion.
- Compass UOL aims to accelerate payments, digital banking, real-time operations, and market platforms.
Main AI News:
In a bold move aimed at revolutionizing the financial industry, Compass UOL has unveiled a groundbreaking initiative – the Automated Mainframe Modernization (AMM) program. This visionary endeavor seeks to usher financial institutions into a new era of efficiency while mitigating the inherent risks associated with updating critical systems.
The backbone of financial operations, mainframe software powers essential tasks such as account processing, real-time transaction recording, and insurance underwriting. However, the challenge lies in migrating away from legacy Cobol and Assembler code, a daunting prospect for institutions.
Enter AMM, a game-changing solution that empowers IT executives to slash costs and accelerate their go-to-market strategies. This transformative approach harnesses the potential of modern programming languages, cutting-edge technological stacks, and the limitless capabilities of the cloud.
Notably, Compass UOL stands out as one of the select few companies holding the prestigious AWS Financial Services Competency. What sets them apart is their proprietary Gen AI software engineering suite, aptly named AI Cockpit.
In a groundbreaking partnership with digital transformation leader mLogica, AI Cockpit is poised to redefine the landscape for financial institutions. Together, they will facilitate the conversion of existing mainframe Cobol and Assembler code into pristine, high-standard target codes and architectures.
The outcome? A swifter, more secure, and quality-assured system tailored to meet the demands of contemporary financial landscapes. This transformation enables institutions to seamlessly adapt to emerging trends such as instant payments, digital currencies, open finance, real-time transactions, and borderless markets – all while dramatically reducing operational costs.
Alexis Rockenbach, CEO of Compass UOL, shared his vision: “Fintechs once relied on banks to access core mainframe processes for their applications. Now, envision banks creating these cutting-edge applications themselves.”
Amit Okhandiar, CEO of mLogica, emphasized the intricacies involved in this transformation: “Mainframe environments are replete with complex assets. In our strategic partnership with Compass UOL, mLogica provides comprehensive solutions, encompassing mainframe re-platforming, code conversion, and Compass UOL’s expertise in testing, validation, program management, requirement identification, business area validation, and code enhancements to achieve the desired target architectures – all tailored to harness the potential of the cloud.“
In tandem with the announcement of their AWS Financial Services Competency, Compass UOL reaffirmed their commitment to leveraging Gen AI tools to catalyze the evolution of payments, digital banking, real-time operations, and the broader spectrum of banking and capital market platforms and journeys.
Conclusion:
Compass UOL’s AMM initiative, powered by Gen AI technology, represents a significant step forward in modernizing the financial industry. By addressing the challenges associated with legacy mainframe software, this program allows financial institutions to reduce costs, enhance security, and adapt to emerging trends, ultimately positioning them for sustained growth and innovation in the evolving market.
