Serving member banks of ARZ an automated procedure (the so called âmigration packâ) to migrate the historical data has been developed in close collaboration by ARZ and Odyssey and successfully implemented. After RPMS had been acquired from Odyssey, ARZ is the first of the RPMS clients to move to Odysseyâs full functionality provided by the Portfolio Manager and Relationship Manager Workstations.
Odyssey acquired RPMS from Reuters at the end of 2005, and the acquisition included the transfer of the RPMS product and the existing customer base. ARZ signed the agreement with Odyssey for the migration at the end of December 2006.
The development of the âmigration packâ from RPMS to Odyssey components started last year and has now proven to meet and exceed the high data quality expectations of ARZ and its clients. Passing this project milestone will give evidence to other RPMS clients who decide to migrate that risks typically involved with a migration project will be drastically reduced with Odyssey as their current and future solution provider.
The migration process took place in several steps. The first step consisted in analysing the functions used by RPMS to ensure that the same functional scope was covered by Odyssey components, followed by the migration of these elements to the new platform. This now results in a product âmigration packâ that will enable Odyssey to offer this migration service on a very reliable cost basis with a minimum of project risk. The process also minimizes time to market of the new solution thanks to Odysseyâs long-standing experience in implementation projects combined with the knowledge of both applications which are in-house to Odyssey.
Odyssey Components will provide a wider range of sophisticated portfolio management and customer relationship management functions, to the advantage of ARZâs client base. By moving from RPMS the banks will also take advantage of a platform that can be extended for future solutions, and which will enable the implementation of additional functionality from Odyssey without the need for further migration.
Mr. Langer, a member of the ARZ board, says: âOdysseyâs solution was especially well adapted to our requirements and expectations, and Odyssey developed a fast and effective migration process to move our data from RPMS. The provided functionality is much more meticulous and powerful, which will allow our clients to gain in efficiency and therefore improve their cost/income ratioâ.
âOdyssey proved that a migration from RPMS to the Odyssey platform works even under a multi-entity environment such as ARZ's. The success of the ARZ migration is a very important step for Odyssey, particularly as the Austrian banks are a key target market for Odyssey. We are now in the position to serve our existing RPMS clients with a reliable and proven migration package which will enable new projects to be launched and executed fast, cost-efficient and with minimal risk contributing to their overall satisfaction.â, comments Renee Grosser, General Manager of Odyssey Financial Technologies for Germany and Austria.