The client is a subsidiary of one of the largest multinational banks in the world that offers a range of commercial and personal banking and wealth management services to approximately 40 million customers in 63 countries.
The Challenge
The client decided to exit the US market and divest its US-based operations. Following the exit, they needed to optimize expenditures and decided to replace the IBM Payments Director Financial Transactions Management (FTM) platform due to high licensing and operational costs. The client needed a partner who could provide the necessary consulting and advisory services and conduct vendor and product assessments to help them select a new FTM platform that would allow them to accelerate new product development and deliver new services faster.
The Solution
The client selected Persistent as an end-to-end management and consulting partner for their extensive experience in the BFSI industry. Persistent provided end-to-end support from advisory, consulting, and leadership to payment platform transition and management. Persistent created and managed the RFP process to select the right vendor and platform to replace IBM FTM. Extensive research was conducted to identify the best matching platform in fulfilling the client’s needs in the vendor selection process. Persistent helped the client define the criteria and essential requirements of the new platform. Persistent also provided support for decommissioning their existing platform and enabled a seamless transition to the new Payments Operational platform, allowing them to deliver a consistent transaction processing experience across payment types.
The Outcome
The client realized significant annual savings in maintenance and support with the new Operational Payments platform. By transitioning out of the IBM FTM platform, the client was able to gain new innovative capabilities.
