Digital transformation is the Holy Grail for all enterprises, big and small. However, it is easier said than done. Let’s look at the journey of the European Money Markets Institute – a real digital transformation success story.
The European Money Markets Institute (EMMI) is an international non-profit organization, which works to facilitate the integration of money markets and related financial markets and to support their smooth functioning. Its members are national banking associations in the Member States of the European Union.
EMMI is continuously working to reinforce transparency and enhance the governance framework of its benchmarks. The ultimate objective is to preserve their quality, robustness and integrity while striving for operational excellence.
THE TRANSFORMATION TRIGGER
With the introduction of the EU Benchmarks Regulation and the review of the EURIBOR methodology, EMMI wanted to redesign and rebuild the entire benchmark calculation platform. It is at this point that they made a strategic decision to move away from a legacy system and instead build their own platform, from scratch. The platform needed to support a secure ecosystem of banks, data vendors, regulators and operations teams – distributed globally.
Benchmark administration is EMMI’s core service, so selecting the right partner for their digital transformation project was critical. After careful consideration EMMI partnered up with Cognizant.
The Cognizant team analyzed the program from multiple dimensions – technology, business value, operational risk, security and regulatory constraints. With Cognizant’s global expertise and local execution capabilities partnered with business acumen from EMMI, a new partnership emerged.
THE PROJECT EXECUTION
Despite the challenging timelines and regulatory pressure, EMMI was able to build their new platform. They developed a new set of messages based on ISO20022 standards to communicate with third-party systems (banks, data vendors) and were able to move their entire pool of 40+ stakeholder entities from the legacy system to the new one without any disruption to business operations.
Now, not only is EMMI an authorized benchmark provider under the EU Benchmarks Regulation, but they also have an industry leading, scalable and reliable platform built on Amazon Web Services. It is secured to account for the sensitivity of the data it processes and supports a zero downtime availability – upgrades are done transparently without affecting the global clientele.
THE FINAL RESULT
The transition of the benchmark itself from the old methodology to the new needed to be managed over an extended period to ensure a smooth changeover for the market and immediate stakeholders. With the new platform, the control to manage the transition (and all operations) comes literally at the fingertips of the administrator, rather than being tied to the constraints of software release cycle.
Cognizant is working with all its customers to help them discover their digital success. Digital transformation is not only about technology – it is about making use of technology to drive better The transition of the benchmark itself from the old methodology to the new needed to be managed over an extended period to ensure a smooth changeover for the market and immediate stakeholders. With the new platform, the control to manage the transition (and all operations) comes literally at the fingertips of the administrator, rather than being tied to the constraints of software release cycle.Cognizant is working with all its customers to help them discover their digital success. Digital transformation is not only about technology – it is about making use of technology to drive better experience for all stakeholders. Newer technical capabilities in IoT, cloud and analytics are opening up possibilities that were unimaginable even a few years back.
About the author
Tapas is a Delivery Manager at Cognizant Belgium, leading digital initiatives in the region. As part of his role, he has worked with multiple clients to advise and support their digital transformation journeys. Tapas brings with him 17 years’ experience with legacy modernization, cloulind enablement and digital strategy. As part of delivery teams, Tapas has helped customers move towards agile delivery models by playing Product Owner and Scrum Master roles to demonstrate the way-of-working.