Over time, your Summit database continues to grow and grow – this results not only in ever-increasing storage costs (multiplied over all your test and development database copies), but also in a general slowing-down of the system both for users and batch processes. User experience degrades, your operational risk increases, and your ability to deliver change projects – especially upgrades – is affected.
With PuriPhi you can manage your data archiving strategy and keep your production database at a fraction of its current size – while simultaneously keeping access to all your data (retained and archived), online and seamlessly combined, should you need it. No matter how you have extended Summit or what platform or version you are on, all this is managed within a framework which is generic, flexible, robust, secure, and – above all – completely safe.
We are very pleased to announce that the opening of our new branch in Dublin has been closely followed by our new entity in Switzerland to support clients old and new, and a growing local employee base.
We are delighted to announce the official opening of our latest branch office in the Republic of Ireland.
We are actively assisting multiple clients in Dublin right now across both Summit and Sophis, covering everything from specialist projects to fully managed application support services.
We are excited to announce that Tony Coppellotti has joined Phi this month as COO. In parallel, Helen Saunders is appointed as Chief Marketing Officer. These changes provide a strengthening and focus within our leadership team as part of our growth strategy for 2020.
Tony brings a wealth of experience to Phi Partners with a strong background in Trading and Risk technology across cash and derivatives. He joins us following a number of leadership positions at large multi-national financial services companies such as London Stock Exchange Group, Deutsche Bank, and NatWest Markets as well as suppliers to Financial Services organisations. Tony was the CTO at QuiC Financial (now IHS Markit) responsible for setting QuIC’s product and technical strategy. During his time at Finastra, Tony set-up their risk division following the acquisition of Turaz and Misys by Vista Equity Partners and was instrumental in defining their agile practices.
We are delighted to welcome Tony to the team!
At the European Summit User Group last Friday 29th November 2019, Finastra announced the products partnership with Phi that was recently signed in the context of making PuriPhi, our Summit data archiving solution, part of the Finastra partner product catalogue.
With official backing from the vendor, we are happy that a wider pool of Summit clients globally will be able to realise the benefits from reducing the live Summit database by up to 60% with no corresponding loss in functionality.
PuriPhi clients achieve significant storage cost savings across their entire Summit estate as well as seeing improved performance and faster database dump/load and conversion times, an imperative for the journey towards continuous delivery.
Please see our case studies or contact your Phi representative for further information on PuriPhi or to arrange a demo.
Phi presented a prototype for our Summit Libor-replacement quantitative impact solution at the European Summit User Group on Friday 29th November.
Phi were awarded the opportunity to provide this tool as a Finastra partner product based on initial designs requested from us by the vendor in September.
Our solution – ModiPhi – provides an in-memory data simulation mechanism that is completely configurable for LIBOR replacement rules across the various markets, and with which absolutely any Summit process can be run: trades that are simulated according to user-defined post-LIBOR rules can be viewed on the usual Summit screens, and run with any process (core, in-house, external; GUI, batch or interface). In other words, results with post-LIBOR simulation can be produced in exactly the usual way, with the same process, giving results in the same format, without any data migration or updates to the database.
ModiPhi was also presented by Finastra as a partner product, and as a necessary component of their wider LIBOR-replacement journey for Summit.
Are you ready to assess the impact of benchmark reform on your Summit portfolio? Please contact us for more details of our simulation tool or to arrange a demo.
This month Phi celebrates our 15th birthday. Thank you for being part of our story!
A note from our CEO, Des Stockdale:
On Friday 18th October, Phi celebrated its 15th birthday.
From day one Phi has defied the odds and we continue to do so. Most companies fail in their first year due to lack of sales or lack of cash but Phi flew out of the blocks and was self funded within the first few months thanks to a healthy opportunity pipeline and enough capital to see us through.
We then made the transition from Summit recruitment agency to consultancy, hiring employees rather than working entirely with contractors. Working initially with Indian and Romanian experts but then extending to senior experts from the market who all bought into the vision of Phi becoming a 360 consultancy.
15 years on we have a products division, multiple managed service clients, a products partnership and a healthy services relationship with Finastra and we are the accepted European market leader across Summit and Sophis amongst clients, vendors and competitors!
This has all been possible because of the talented, hardworking and committed team we have at Phi, where our results speak for themselves and keep our clients continually returning to us for more. I am very proud of what we have achieved, who we are and what we stand for – and I am looking forward to our onward journey in 2020 and beyond!
Phi was delighted to be a Silver Sponsor of Finastra’s Global Sales Kickoff 2020 in Gothemberg last week.
The focus at Finastra is very much on “platformification” and the FusionFabricDotCloud framework, with not just a clarity of vision and strategy, but also some concrete advances in this space: delivering tangible benefit to clients in the US. There is a strong emphasis on partner collaboration, which we are always happy to hear!
In between the scheduled presentations there was a good buzz around our products partnership for PuriPhi, our online Summit data archiving platform.
Our COO, Helen Saunders, and Head of Product Development, Joerg Lipinski, will be spending more time over the next few weeks with the relevant teams at Finastra to explore FFDC collaboration and extending our PuriPhi services to North America and APAC. Watch this space!
PuriPhi, our industry leading online data archiving solution for Summit, is now live for the international investment banking arm of one of the top banking groups in France.
In the words of the Summit system owner:
“PuriPhi is on the way to take away one third of our current data and reunite ten years of archived database snapshots. It allows us to rethink our view of historical data and it will greatly improve our daily testing environment and regular audit requests”
Context: Our client has a 1.6Tb Summit database, replicated across 30 environments for production, test and development. The existing infrastructure was unable to support the future growth of the database. Previous purging of the production database had resulted in multiple historical snapshot copies being maintained, with an inability to easily combine the data for reporting.
Goal: To reduce the live database size and present all data (live, newly archived AND previously deleted data) in a single Summit environment, compatible with data model updates. Maintain the live database at a reduced size according to specific archiving requirements.
Solution: PuriPhi was installed and configured to archive matured and cancelled trades and historical market data more than 415 days old. Even without considering any of the other data types that PuriPhi supports, 500Gb of data was removed from the production database. The PuriPhi solution presented the archived and production data, seamlessly combined with no loss of functionality through the usual and familiar Summit GUI.
– Live database is reduced by 500Gb
– Space savings are multiplied over 30 environments
– Performance of the live system is improved
– Infrastructure supports future growth of database
– Increased number of dev/test environments supported
– Improved dump/load times
– Aggregated view of ALL data for the first time
– Compatible with future data model changes
We are excited to announce that we have appointed Fella Bennikous as Phi’s practice lead for Sophis. Fella brings unparalleled Sophis expertise across the most complex client installations – both buy-side and sell-side – and will spearhead the development of our Sophis service portfolio in 2019. With more than two decades of highly relevant Sophis experience in both Paris and London, Fella joins us from her most recent role as programme manager responsible for governance of a major cross-asset, cross-function cloud / PaaS project for a well-known French banking group.
More than a decade ago, Phi began considering a nearshore delivery capability from which to support the growing demands of our European client base for expert Summit services at an attractive price point. In 2008, the notion became an imperative, the choice of location became clear, and it all began for Phi Nearshore….
We followed in the footsteps of Quanto Financial Technology; an organisation founded by two former directors of Summit Financial Systems, both Romanian, to deliver Summit testing and development services from Bucharest to the Summit product centre in New York. Misys subsequently acquired Quanto, and the Bucharest Summit development centre grew, having created a local talent pool of around (at that time) 100 highly skilled Summit experts.
When Romania joined the EU in 2007, our choice was confirmed. Phi Partners, Bucharest, was born the following year, with initial hires of leading Summit technical experts.
From small beginnings, Phi Bucharest has gone from strength to strength and we are proud of our reputation for providing cost-effective niche consultancy services without any compromise on quality. We expect 2019 to be another significant growth year for our nearshore practices – but our growth will never be at the expense of hiring the very best talent that the local market has to offer.
The journey so far:
Scores of visits from clients, both old and new, and partner organisations. Successful passing of every client audit ever undertaken. Endless re-configuration of client secure areas. Ongoing R&D supporting client solutions and internal tools. Countless “share your knowledge” sessions presented and “FinTech Academy” training modules completed. Regular team building and social events, movie nights, games nights, table tennis championships and the annual PhiNomenals awards…. And, most importantly, dozens of clients supported with cost effective, expert, niche consulting services across vendor solutions and pricing & risk.
Do you represent an existing client or a financial institution looking for a new provider of specialist vendor technology services? We are just a 3 hour flight from most European financial centres and we would be delighted to show you around and demonstrate how we can help you. Come and visit us!
Are you motivated and talented technology or business specialist, looking for your first job in financial technology consulting? We are always looking for the right individuals to expand our teams at all levels of seniority – from graduates to partners! Phi will support you with relevant and structured training and will give you exposure to the world’s leading financial institutions, with excellent opportunities for travel all over Europe and beyond – all the while maintaining the much prized “small company” feel. Join our team!
Contact us now at firstname.lastname@example.org
Phi was pleased to once again participate in the European Summit User Group on 15th-16th November in London.
As usual, upgrades were a hot topic. We were delighted to present our most recent upgrade experience and to discuss Phi’s proven methodology for Summit upgrade projects. Phi participated in a plenum session as representatives of a major Swedish bank for whom we are delivering an upgrade to V6.1 together with a Linux conversion, as well as having the opportunity to discuss Europe’s first successful V6.1 upgrade delivered for a specialist German bank with major support from Phi experts.
Further topics were the new V6.1 deployment model, the Summit Roadmap, in-depth presentations on FusionRisk, FusionCapital Regulatory Reporting, and Security Finance Workstation on FusionInsight, as well as round tables on Summit Test Automation, MiFID Reporting, Pricing & Risk, and Summit Upgrades.
We are happy to announce that the quality of our facility, infrastructure and procedures in our nearshore delivery centre in Bucharest is now officially recognised. Our service portfolio including software development and consultancy is now certified under ISO 9001:2015 and ISO 27001:2018.
Phi are pleased to add to their substantial Summit Training catalogue with three brand new courses for 2018:
Summit V6.x – the Delta (Technical)
All changed technical aspects of your new 6.x version compared to your previous version, including architecture Changes (CORBA to JMS), configuration and operations.
For Developers and Technical staff.
Summit V6.x – the Delta (Functional)
What’s functionally new in your 6.x version compared to your previous version, front-to-back.
After review of your specific functional focus we will customise our course material to train you in all changed features (both for functionality you use, and functionality now available to you).
For Business Users and Summit IT staff.
Technical Concepts for non-Developers
A slimmed down set of our technical training modules for non-technical staff, providing an overview of technical setup and Summit extendibility – focusing on what’s possible and explaining the principles of development without a requirement for programming expertise.
– Summit Infrastructure Overview
– Navigating the Technical / Development Environment
– Navigating the Database
– Simple scripting for BA’s
– What’s possible with API development
– Concept of Metadata and data model Extension Process
– Technical view of STP and STP Extension Concepts
– What’s possible with GUI Development
– Concepts of Product Integration
– Overview of State Transition Diagram and Extension Process
Phi have been providing functional and technical Summit training for more than 10 years. We have a comprehensive training catalogue but our material is ALWAYS customised to your business workflows and your client Summit environment. Contact us for more information on our unique approach to Summit training – we don’t expect to be beaten on quality or price!
Phi is delighted to have completed the first ever installation of Summit 6.0 in Europe together with service-partner IBM. Comments Phi Partners’ Head of Vendor Technology Consulting, Dirk Apel: “Our on- and nearshore expert team have delivered a flawless Summit 6.0 implementation, for an important German financial institution.”