Fully outsourced Summit managed application service
Fully outsourced Summit managed application service

Client

German Financial Institution

Headlines

  • 2012-Ongoing (as at March 2018)
  • Multi-year managed service for Summit and Numerix
  • Fixed price against SLA’s with penalties
  • Support and Development

Functional Context

Front to back Summit installation

  • FX, MM, Repos, Swaps, Exotics, FX Options, Structured Products
  • Front Office, Collateral Management, Payments, Documentation, Accounting
  • >300 users across 65 business areas
  • Heavily customised legacy code base

Technical Context

Complex, mature estate

  • Summit v5.5 Classic and FT (Front to Back)
  • Real time Web Services
  • 45 Interfaces including SAP, Swift, Bloomberg, MDS (ACS), TRICE
  • Primary Sybase database; Secondary Sybase Replicated database
  • Support across prod, test, reference and development environments

Solution

Phi provides a specialist Summit team at a fixed price for 5 years for application support against defined Service Levels and with a flexible development capacity

  • Phi are the client’s exclusive Summit provider, delivering services via the client’s strategic technology partner (who had a much broader remit but lacked Summit expertise).
  • The support team covers production support (users, batch, real time processes) as well as quarterly software releases, regular service requests and minor enhancements.
  • Additional development services are provided as a flexible capacity on a time & materials basis, with the ability to ramp up or ramp down at short notice.

Team

40% onshore; 60% nearshore

Client site, Germany:

  • 1x Service Delivery Manager
  • 1x Operational Lead
  • 2x Senior Business Analysts

Phi Nearshore Centre, Bucharest:

  • 3x Application Support Analysts
  • 1x Business Analyst
  • 1x Engineer
  • 1x Developer (support)
  • + Flexible Development Capacity

Approach and Deliverables

  • In-depth (3 month) transition phase covering knowledge transfer and Summit SME support for application and infrastructure transfer.
  • Strictly monitored Summit service: tight SLA’s and defined penalties.
  • Delivery of Europe’s first Summit V6.x upgrade including Classic Decommissioning (~50 GUI bugs and gaps), a total overhaul of complex multi-user-role concept, simplifying to one role per user
  • Multiple small projects including re-design of pricing routines to adapt to negative interest rates

Outcome

Client achieves a predictable cost forecast for a 5 year time horizon.

Transition delivered on time with all service targets met delivering cost savings within 3 months

Successful delivery of multiple major projects and countless small/medium sized changes for the client

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