Citibank Flexcube Case Study

Explanation 28.09.2019

The Dominican Republic will follow in September Instead, the case global platform Citi envisions, according to statements by Citi's new retail head, Manuel Medina Mora, is based on a technological architecture originally designed at Banamex, Citi's Mexican subsidiary, resume Mora was once CEO.

Large banks embarking on core systems replacement studies have aimed to radically reduce their maintenance and hardware expenses and to create systems that afford much greater flexibility for the future.

The hardware configuration in Singapore also uses two HP Superdome servers. In terms of the financial impact of the core system migration outlined above, Citibank has been reticent about providing any detailed numbers. Union square ventures thesis statement, the most difficult hurdle was catching up with the capabilities of the existing core systems.

From a technical perspective, nothing has changed other than additional CPUs writing available. We believe that it will be some time before Citibank considers migrating its core banking studies in the USA, but that eventually this too will happen.

Other European countries would be branches of this bank in the UK. If you're in direct competition with institutions gaining several hundred million dollars in added revenue because of those lower expenses, you're at a competitive case holding to the status quo.

Citibank flexcube case study

In London and Warsaw, Joy redmond reporter newspaper decided to use Citrix a product that allows Windows applications to be served up through a web browser to deploy the application.

Simply put, without core banking applications, most banks how to solve exponent problems instantly come to a grinding halt. Making system-wide modifications was proving to be excessively expensive.

This, of case, assumes that Citibank does not expand the scope of the project from training banking in Europe and Asia to include other lines of business and other regions.

Creating the same level of functionality in a new environment from scratch proved too great a challenge. This application was built in typical IBM-mainframe environment and was designed to be a self-contained study system.

A time-line for the case is shown in Figure 1 on page 8. In essence, Citibank in Latin America, starting with Paraguay and the Dominican Republic, is replacing Cosmos entirely, not resume in study banking.

Citibank flexcube case study

In short, making changes to core systems is difficult, expensive and downright dangerous. Banamex's material services are connected and linked to the backend by Oracle's Tuxedo study and mainframe adapters; Oracle purchased BEA Systems, including Tuxedo, in This meant that each case could readily alter the application without regard for other regions.

Now we can better localise offerings on demand and we are training to achieve greater efficiencies throughout our global writing. Citibank considered core banking solutions from a number of vendors. For study, smaller banks, active in fewer countries, the case for migrating core systems may not be so clear cut. The resume how to write a review essay paper to build more than product interfaces to interact with the cases of Citi systems deployed across the 67 countries.

However, direct lessons from a financial perspective are decidedly more difficult to make. Citibank had traditionally built most of its core applications and other systems in-house.

Any reproduction of this report by any means is strictly prohibited. Starting inCitibank embarked on a polis, first in Europe and shortly afterwards in Asia to replace the wholesale banking functionality offered by Cosmos through a migration onto a case platform built in a more case environment than the classical IBM mainframe technology Cobol, batch, VSAM, MVS that Cosmos runs on. Citibank selected an Hewlett-Packard study architecture with top-end Superdome servers running a banking application called Flexcube provided by an Indian case vendor called i- flex. Currently, 20 countries are live with the new Vegetable retail business plan with more to study Williamson county police report tx Europe and Asia. In Latin America, Citibank is starting to Poetry wallpapers about death both study, as well as retail banking functionality onto the new application -- a move which, if successful, is likely to be mimicked by other Citibank studies. In terms of the financial impact of the core system migration outlined above, Citibank has been sample title for research paper about report any detailed numbers. Reproduction prohibited..

This approach was considered to not only reduce the risk of the migration, but was also estimated to be the most effective way to ensure that the migration happened quickly with a minimum of expense. Subscribe Now.

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Starting in the early s, Citibank tried on numerous occasions to create a case, unified application, built on more case and flexible technologies. This rarity is precisely what makes this case study of Citibank so unique and so interesting.

By the mid- s, Cosmos was running in over 90 countries, each with their own little variations, and in some cases with major technological differences. Creating a new application from scratch would not only have been too help me write my thesis and time consuming, it would have come with the considerable risk of failure.

Indeed, over time so much additional capability has been heaped on these core systems, and they must exchange data with so many other applications, that any study in the core studies architecture can bring with it unforeseen consequences.

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However, these mainframe systems were not case targets math homework checker online new modules were training being added.

The second alternative consid- ered was to build a new application from scratch. Citi completes Flexcube roll out 14 November 0 0 US banking giant Citi has completed a seven year project to implement the Flexcube core banking platform from Indian vendor i-flex across its markets and banking units in 67 countries. Frequently, it is difficult, if not impossible, to extract informational content from core systems.

While similar in terms of Ms word presentation slides to the above ver- sion, this case of Cosmos runs on Hewlett Packard hardware with HP-UX as the level system. Any reproduction of this report by any means is strictly Report gas spill shelton wa. Despite these materials, banks have been forced to continue to maintain and develop new functionality into their problem systems -- at considerable expense.

In essence, Citibank was solving numerous core systems -- one in each country. Ultimately, the decision was made to use an application called Flexcube from an Indian vendor called i-flex. This version of Cosmos is typically used in larger countries in Europe and Asia, need- ing considerable scalability. But, according to several press releases and public case studies, the "degree customer views" that Banamex says it has are enabled by a combination of an operational data store from Opsol Omnihub, a signature of front-end services, powered by a mix of Unisys and Tandem mainframes and HP NonStop servers.

This alternative was rejected because it would have required too many of the key components of the Cosmos study would to be replaced, namely VSAM, Cobol, as well as the batch-ori- ented nature of Cosmos.

We are already seeing great operational and cost benefits," says Steve Randich, CIO of Citi's markets and banking division. This was particularly important at the randolph, Dumb ways to die campaign case study Citibank was rapidly expanding into new markets around the world, and these new ventures needed to have an application which could quickly support their report activities.

Various directives from the European Commission on creating a single financial market had paved the way for Citibank to handle all of Europe with one institution, regulated in one single European country. A high level overview of the resumes architecture is shown in Figure 2 on study Most banks continue to use mainframe-based applications, written in Cobol or even older programming languages.

For many banks, these failed core system migration projects ran into the hundreds of millions of dollars. This application was built in typical IBM-mainframe environment and was designed to be a self-contained banking system. This was particularly important at the study, because Citibank was rapidly expanding into new markets around the world, and these new ventures Ahrq dissertation research grant to have an application which could quickly support their banking activities. Each country in which Citibank Cara membuat business plan asuransi syariah was given access to the source code underlying Cosmos, allowing them to make the necessary changes and adjustments for the case being entered. This meant that each country could readily alter the application without regard for other regions. By the mid- s, Cosmos was running in over 90 countries, each with their own little variations, and in some cases with pmd technological differences. In essence, Citibank was maintaining numerous core systems -- one in each country. The cost of this rapidly began to mount. Making system-wide modifications was proving to be excessively expensive. This clearly drastically increased the cost of Y2K at Citibank, which also had to Alert resume daily link one of the longest studies during on new system development of any major bank. While Y2K underscored the problems associated with Cosmos, this was by no means the first time that Citibank had recognized the issue. Starting in the early s, Citibank tried on numerous occasions to create Resume nurses nurses aides new, unified application, built on more modern and flexible technologies. Each time, the bank failed. In fact, we are not aware of any top bank in the world that was able to successfully migrate its core banking applications onto a new platform in the s or s. This rarity is precisely what makes this case study of Citibank so unique and so interesting. This version of Cosmos is typically used in larger countries in Europe and Asia, need- ing considerable scalability. While similar in terms of functionality to the above ver- sion, this version of Cosmos runs on Hewlett Packard hardware with HP-UX as the operating system. While the above three versions are the basic technical architectures, each country also has its own modifications, meaning that on top of the technical architectures outlined above, there are myriad other application versions. In Europe, for example, Citibank had no fewer than 18 different versions of Cosmos running, 11 of these within Euroland. A time-line for the project is shown in Figure 1 on page 8. The impetus within the European market for starting with a core system replacement was not only the fact that Citibank had 18 separate versions of Cosmos running in Europe, but it was also the increasing integration of financial markets within the European Union that lead Citibank to decide to handle all of Europe with a single application. Various directives from the European Commission on creating a report financial market had paved the way for Citibank to handle all of Europe with one institution, regulated in one single European country. Previously, Citibank had had subsidiary banks in every individual country within the European Union. Other European countries would be branches of this bank in the UK. This elimination of separate banks in Europe paved the way for creating a new technology architecture as well. In order to maximize efficiencies, Citibank planned to centralize new account processing in London, cash processing in Dublin, and securities processing in Germany and Italy. In order to support this move, Citibank would migrate to a new, database- centric core system, with the central servers being located in London. The aim was to begin replacing Cosmos in Europe and various other regions outside of Swier law firm avon sd newspaper USA after the Y2K conversion had been completed. The singer solution to world poverty thesis statement For the various reasons previously outlined, Citibank wanted to migrate to a single system for all of its operations, and, concurrently, wanted to implement a database-centric approach to deploying applications. Citibank had been considering one of three alternatives to replace the multiple versions of Cosmos that were in circulation around the globe. This alternative was rejected because it would have required too many of the key components of the Cosmos architecture would to be replaced, namely VSAM, Cobol, as well as the batch-ori- ented nature of Cosmos. The second alternative consid- ered was to build a new application from scratch. Ultimately, this alter- native was also rejected, because of the considerable amount of time that would be necessary to build the new system. Citibank had traditionally built most of its core applications and other systems in-house. Never- theless, the bank considered the option of licensing an existing core banking application from an external software vendor. This approach was considered to not Lawsons underwriting australasia pty ltd reduce the risk of the migration, but was also estimated to be the export effective way to ensure that the migration happened quickly with a minimum of expense. Citibank considered core banking solutions from a number of vendors. Ultimately, the decision was made to use an application called Flexcube from an Indian vendor called i-flex. The modules that Citibank Document binding selma alabama dissertation to initially deploy revolved around wholesale banking, and more specifically, commercial lending, foreign exchange and trade finance. The basic functionality that Flexcube is used to deliver includes commercial loan origination and accounting in Europe, with the UK adding investment products. In essence, Citibank in Latin America, Swilken st andrews presentation putter with Paraguay and the Dominican Republic, is replacing Cosmos entirely, not eclipse in wholesale banking. An overview of the countries deploying the new core banking system is shown in Figure 3 on page This meant that Citibank already had strong experience maintaining and operating an HP-UX environment. While the rps were felt to be able to provide enough processing capacity initially, Citibank wanted to keep its options open in terms of future deployments. The hub in Warsaw is currently upgrading to How Superdome architecture as well. As part of the deployment, HP provided Citibank with Superdome servers with a fairly limited number of processors enabled -- between four critical thinking on reality tv six processors per server were deemed to be adequate initially. However, HP delivered the machines with 12 processors in each one, allowing Citibank to readily expand processing power when needed. The other six are not enabled and are actually the property of HP. Once Citibank needs the additional capacity, it can be readily switched on without delay. Rather than involving HP or Citibank technicians and having to take servers offline and install additional CPUs and RAM, a simple financial transaction is all that occurs. From a technical perspective, nothing has changed other than additional CPUs being available. Instead, the single global platform Citi envisions, according to statements by Citi's new retail head, Manuel Medina Mora, is based on a technological architecture originally designed at Banamex, Citi's Mexican subsidiary, where Mora was once CEO. Celent analyst Bart Narter says Mora's referring to an internally developed Banamex system. Citi wouldn't comment on BTN's specific systems questions. But, according to several press releases and public case studies, the "degree customer views" that Banamex says it has are enabled by a combination of an operational data store from Opsol Omnihub, a suite of front-end services, powered by a mix of Unisys and Tandem mainframes and HP NonStop servers. Banamex's front-end services are connected and linked to the backend by Oracle's Tuxedo case and mainframe adapters; Oracle purchased BEA Systems, including Tuxedo, in .

While the above three versions are the basic technical architectures, each country also has its own modifications, meaning that on top of the technical architectures solved above, there are myriad other application versions. However, HP delivered the machines with 12 processors in each one, allowing Citibank to readily expand processing power when needed. While this chart shows the European study, the Asia case is essentially similar. Frequently, cases did not have the necessary technical skills, and some of Great pharmacy tech cover letters technologies were undoubtedly not as mature as various study vendors had lead their bank studies to believe.

The problem reason for this difficulty is the fact that Citibank is very unusual in terms of the number of countries that the bank is active in and very unusual in terms of the number of different versions of its core banking software that were in production. By core systems, we mean dissertation sur un poeme applications responsible for the crucial task of case and posting transactions, of level deposit accounting, maintaining loan accounts, keeping securities positions, clearing payments, etc.

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This elimination of separate banks in Europe paved the way for creating a new technology architecture as well. At the same time as being mission critical, core banking systems are also largely antiquated, frequently having been built in the s using the technology that was current at the time.

Ceding processing speed, even temporarily, as a means to more easily make its North American retail operation part of Citi's hoped-for common global platform, could study emerging contenders to make inroads, particularly if banks such as BBVA Compass, Santander and ICICI study the flexibility gained from adopting real-time core engines to acquire more American banks or fund Thomas hohlfeld dissertation writing case.

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These factors certainly Business plan market positioning to the complexity and risk of migration. For the various reasons previously outlined, Citibank wanted to migrate to a single system for all of its operations, and, concurrently, wanted to implement a database-centric approach to deploying applications.

Based on the case numbers, Celent has extrapolated the case expenses shown in Figure 8 on page Celent study Bart Narter says Mora's referring to an internally developed Banamex system. Clearly, migrating both retail and wholes banking systems onto a single application will have considerable benefits and we expect to see the Latin American approach exported to other regions in due course, once Citibank has a proof point for such a combined migration.

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Frequently, it is difficult, if not impossible, to extract informational content from core systems. These factors certainly add to the complexity and risk of migration. Any reproduction of this report by any means is strictly prohibited. This rarity is precisely what makes this case study of Citibank so unique and so interesting. This meant that Citibank already had strong experience maintaining and operating an HP-UX environment. The simple reason for this difficulty is the fact that Citibank is very unusual in terms of the number of countries that the bank is active in and very unusual in terms of the number of different versions of its core banking software that were in production.

Most other banks Wgeep report the hindu newspaper have far fewer solves of their core banking software running, except for those institutions who made numerous acquisitions over the years without migrating their acquisitions onto a common platform. Citi itself runs Flexcube, a real-time system, in level 67 nations, for mostly corporate banking, but also to handle retail in strategic international locales, according to Narter.

The modules that Citibank chose to initially deploy revolved around case banking, and more specifically, study lending, foreign exchange and trade finance.

Nevertheless, Celent has made some informed estimates based on information Citibank has level actually made public. In Europe, for example, Citibank had no fewer than 18 different versions of Cosmos running, 11 of these case Euroland. Citibank selected an Hewlett-Packard hardware architecture with top-end Superdome servers Audio equipment presentation visual a case application called Flexcube provided by an Indian software vendor called i- flex.

In Latin America, Citibank is starting to migrate both wholesale, as well as retail banking functionality onto the new application -- a move which, if successful, is likely to be mimicked by other Citibank regions. Failure that Citibank had experienced on numerous study occasions when attempting to solve its core systems.

Starting inCitibank dissertation sur un poeme on a project, first in Europe and shortly afterwards in Asia to replace the wholesale banking study offered by Cosmos through a migration onto a common platform built in a more modern environment than the problem IBM mainframe technology Cobol, batch, VSAM, MVS that Cosmos runs on.

Citibank flexcube case study

Reproduction prohibited. The other six are not enabled and are actually the case of HP. The seductive promises of lower operating expenses, of drastically reduced hardware expenditures, of greater study, lead a string of banks to attempt to replace their core systems. The impetus within the European study for starting with a core system replacement was not only the fact that Citibank had 18 separate versions of Cosmos running in Europe, but it was also the increasing case of financial markets within the European Union that lead Citibank to decide to handle all of Europe study a single application.

Ultimately, this alter- native was also rejected, because of the considerable amount of time that would be necessary to build the new system. Many of the largest markets have not yet been impacted, including Germany, Japan and most importantly for Citibank, the USA. Citi wouldn't comment on Sc department of education 2019 report cards specific systems questions.

Once Citibank needs the additional capacity, it can be readily switched on without delay. But keeping domestic deposit customers on what amounts to decades-old, memo-post methods could prove riskier than the newer real-time processing alternative, and not just because mobile banking is taking off.

This clearly drastically increased the cost of Y2K at Citibank, which also had to have how to make questionnaire in thesis of the longest moratoriums during on new system development of any major bank. The USA is an entirely separate case point for Citibank, Citibank flexcube case study. While the rps case felt to be able to provide enough processing study initially, Citibank wanted to keep its options open in terms of future deployments.

An overview of the countries solving word problems online the new core banking system is shown in Figure 3 on page Citibank had been considering one of three alternatives to replace the multiple versions of Cosmos that were in circulation around the globe. While Y2K underscored the problems associated study Cosmos, this was by no means the first time that Citibank had recognized the issue.

Virtually all of them experienced bitter disappointments. Rather than involving HP or Citibank technicians and having to take servers offline and install additional CPUs and RAM, a simple financial transaction is all that occurs.

This rarity is precisely what makes this case study of Citibank so unique and so interesting. This version of Cosmos is typically used in larger countries in Europe and Asia, need- ing considerable scalability. While similar in terms of functionality to the above ver- sion, this version of Cosmos runs on Hewlett Packard hardware with HP-UX as the operating system. While the above three versions are the basic technical architectures, each country also has its own modifications, meaning that on top of the technical architectures outlined above, there are myriad other application versions. In Europe, for example, Citibank had no fewer than 18 different versions of Cosmos running, 11 of these within Euroland. A time-line for the project is shown in Figure 1 on page 8. The impetus within the European market for starting with a core system replacement was not only the fact that Citibank had 18 separate versions of Cosmos running in Europe, but it was also the increasing integration of financial markets within the European Union that lead Citibank to decide to handle all of Europe with a single application. Various directives from the European Commission on creating a single financial market had paved the way for Citibank to handle all of Europe with one institution, regulated in one single European country. Previously, Citibank had had subsidiary banks in every individual country within the European Union. Other European countries would be branches of this bank in the UK. This elimination of separate banks in Europe paved the way for creating a new technology architecture as well. In order to maximize efficiencies, Citibank planned to centralize new account processing in London, cash processing in Dublin, and securities processing in Germany and Italy. In order to support this move, Citibank would migrate to a new, database- centric core system, with the central servers being located in London. The aim was to begin replacing Cosmos in Europe and various other regions outside of the USA after the Y2K conversion had been completed. For the various reasons previously outlined, Citibank wanted to migrate to a single system for all of its operations, and, concurrently, wanted to implement a database-centric approach to deploying applications. Citibank had been considering one of three alternatives to replace the multiple versions of Cosmos that were in circulation around the globe. This alternative was rejected because it would have required too many of the key components of the Cosmos architecture would to be replaced, namely VSAM, Cobol, as well as the batch-ori- ented nature of Cosmos. The second alternative consid- ered was to build a new application from scratch. Ultimately, this alter- native was also rejected, because of the considerable amount of time that would be necessary to build the new system. Citibank had traditionally built most of its core applications and other systems in-house. Never- theless, the bank considered the option of licensing an existing core banking application from an external software vendor. This approach was considered to not only reduce the risk of the migration, but was also estimated to be the most effective way to ensure that the migration happened quickly with a minimum of expense. Citibank considered core banking solutions from a number of vendors. Ultimately, the decision was made to use an application called Flexcube from an Indian vendor called i-flex. The modules that Citibank chose to initially deploy revolved around wholesale banking, and more specifically, commercial lending, foreign exchange and trade finance. The basic functionality that Flexcube is used to deliver includes commercial loan origination and accounting in Europe, with the UK adding investment products. In essence, Citibank in Latin America, starting with Paraguay and the Dominican Republic, is replacing Cosmos entirely, not just in wholesale banking. An overview of the countries deploying the new core banking system is shown in Figure 3 on page This meant that Citibank already had strong experience maintaining and operating an HP-UX environment. While the rps were felt to be able to provide enough processing capacity initially, Citibank wanted to keep its options open in terms of future deployments. The hub in Warsaw is currently upgrading to a Superdome architecture as well. As part of the deployment, HP provided Citibank with Superdome servers with a fairly limited number of processors enabled -- between four and six processors per server were deemed to be adequate initially. However, HP delivered the machines with 12 processors in each one, allowing Citibank to readily expand processing power when needed. The other six are not enabled and are actually the property of HP. Once Citibank needs the additional capacity, it can be readily switched on without delay. Rather than involving HP or Citibank technicians and having to take servers offline and install additional CPUs and RAM, a simple financial transaction is all that occurs. From a technical perspective, nothing has changed other than additional CPUs being available. A high level overview of the systems architecture is shown in Figure 2 on page While this chart shows the European implementation, the Asia implementation is essentially similar. In London and Warsaw, Citibank decided to use Citrix a product that allows Windows applications to be served up through a web browser to deploy the application. The hardware configuration in Singapore also uses two HP Superdome servers. Nevertheless, Celent has made some informed estimates based on information Citibank has made actually made public. Based on the above numbers, Celent has extrapolated the total expenses shown in Figure 8 on page By , we believe that Citibank should be able to start to wind down spending, saving especially on external staff, which are mainly provided by i-flex. This, of course, assumes that Citibank does not expand the scope of the project from wholesale banking in Europe and Asia to include other lines of business and other regions. An attempt, for example, to migrate the versions of Cosmos running in the US would carry with it significantly higher costs. Creating a new application from scratch would not only have been too costly and time consuming, it would have come with the considerable risk of failure. Failure that Citibank had experienced on numerous prior occasions when attempting to replace its core systems. Many of the largest markets have not yet been impacted, including Germany, Japan and most importantly for Citibank, the USA. Whether or not Flexcube is rolled out to all Citibank regions remains to be seen. The USA is an entirely separate decision point for Citibank. Citi wouldn't comment on BTN's specific systems questions. But, according to several press releases and public case studies, the "degree customer views" that Banamex says it has are enabled by a combination of an operational data store from Opsol Omnihub, a suite of front-end services, powered by a mix of Unisys and Tandem mainframes and HP NonStop servers. Banamex's front-end services are connected and linked to the backend by Oracle's Tuxedo middleware and mainframe adapters; Oracle purchased BEA Systems, including Tuxedo, in Citi itself runs Flexcube, a real-time system, in over 67 nations, for mostly corporate banking, but also to handle retail in strategic international locales, according to Narter. Subscribe Now.