Calypso implementation and data migration in just three-and-a-half months for Otkritie Bank
Tight deadlines and a need to separate data from the previously shared database demanded an innovative approach to this project, which was successfully executed by the Otkritie Bank team, Calypso Partner EPAM Systems, Inc. and Calypso Technology, Inc. Otkritie Bank is a Top 10 ranking Russian bank. In 2018, Otkritie Bank transformed the bulk of
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Editorial Team
- October 10, 2019
- 5 minutes
Tight deadlines and a need to separate data from the previously shared database demanded an innovative approach to this project, which was successfully executed by the Otkritie Bank team, Calypso Partner EPAM Systems, Inc. and Calypso Technology, Inc.
Otkritie Bank is a Top 10 ranking Russian bank.
In 2018, Otkritie Bank transformed the bulk of its investment division into an independent company, which continued to use the Calypso platform. The bank, however, still needed to support its own investment activity. This involved setting up the Calypso front-office system and migrating part of the data from the database that was previously shared with the investment arm.
Official Calypso Partner for the region EPAM, a leading global provider of digital platform and software development services, partnered Otkritie Bank in this project. One of the most challenging aspects of the project was its tight deadlines: the data migration had to be completed by 1st May 2019, with the additional task of integrating a new source of market information – Bloomberg, to replace the former supplier Thomson Reuters.
It became clear that the classical migration principles would not work in this case because of the time pressures, so the project team had to adopt an innovative and more complex approach. Nevertheless, the team still managed to deliver the project in just three-and-a-half months.
The project involved analyzing the data used by the bank in the commonly shared product environment, determining the list of objects and necessary filters, and then developing the queries and scripts needed to select the information that was only relevant to Otkritie Bank. And while the necessary IT infrastructure was deployed within the Bank, data had to be exported via an additional server with reconciliation adding to the complexity of the team’s task.
Calypso provided advisory support to the team.
Says Andrey Sereda, Vice President Deputy Head of IT Development Department, Otkritie bank:
“Investment is an important part of the bank’s business. We are pleased that thanks to the excellent work of our own team, supported by our skillful partners from EPAM, Sova Capital and Calypso, we were able to ensure the smooth operation of the business throughout the project. I would particularly like to note the professionalism, technological competence and experience of EPAM’s specialists, who played a key role in achieving all of our goals.”
Artak Oganesyan, Deputy General Director EPAM Russia adds:
“The project at Otkritie Bank presented definite challenges. For various reasons we had to choose migration technologies that had not previously been used for Calypso solutions – and we were operating under tight deadlines. EPAM has an in-depth knowledge of Calypso, based on a long-term partnership with the company and we have successfully implemented projects for various Russian and global investment banks and financial organizations. This experience, combined with the real teamwork shown by all project participants, helped us to overcome these challenges – and not just achieve the desired result, but achieve it faster than planned.”
Calypso CEO Didier Bouillard concludes:
“We are delighted to see the successful implementation of Calypso across the Otkritie Bank front-office operations. The emerging markets, including Russia and the CIS, are strategic markets for Calypso, and we will continue to invest in these regions to provide solutions that bring global-standard market practices combined with local conventions. This project demonstrates our investment in our growing partner network (such as EPAM), combined with investment in tools to make migration/support/ upgrades easier and our commitment to customer success.”
Going forward Otkritie Bank is planning to expand its use of the Calypso system capabilities, migrate to a new version of the platform and assure closer integration with other internal information systems.
About Otkritie Bank
Otkritie Bank is among the top ten largest banks in Russia and is a systemically important bank. It has been operating in the financial markets since 1993, providing corporate, investment, retail, SMB and private banking services. The Bank of Russia is the key shareholder, with a share of 99.99%. The bank has 746 offices in 261 cities in 69 regions. Otkritie today is a large-scale financial group that has great potential for further business growth. The group includes financial market companies: Rosgosstrakh insurance company, Otkritie Private Pension Fund, Otkritie Management Company, Otkritie Broker, Baltic Leasing JSC, Customs Card JSC. More information is available at www.open.ru.
About EPAM
Founded in 1993, EPAM Systems Inc. (NYSE: EPAM) is today the world's leading provider of software development and digital platforms. Using its many years of technological expertise and competence in consulting, design and innovation strategies, EPAM works closely with its customers to create cutting-edge solutions that turn complex business problems into real business opportunities. EPAM’s professional teams work with customers in more than 25 countries in North America, Europe, Asia and Australia. EPAM ranks 12th on the Forbes list of ‘25 of the fastest growing public technology companies’, ranked 1st among IT service providers on the Fortune list of ‘100 fastest growing companies’, ranked among the top three on the ‘CNews100: Russia's Largest IT Companies 2018”’ list Learn more about EPAM at www.epam-group.ru and on Facebook.
About Calypso Technology, Inc.
Calypso Technology, Inc. is a cloud-enabled provider of cross-asset front-to-back solutions for financial markets with over 35,000 users in 60+ countries. Its award-winning software improves reliability, adaptability, and scalability across several verticals, including capital markets, investment management, central banking, clearing, treasury, liquidity, and collateral. Calypso is pioneering innovative technologies (native cloud technology, AI, Big data) that reimagine capital markets.
“Calypso” is a registered trademark of Calypso Technology, Inc. in the U.S., EU and other jurisdictions. Other parties’ trademarks or service marks are the property of their respective owners.
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