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Managing the replacement of RTGS system infrastructures in Scandinavia |
Two countries in Scandinavia replaced their long-running, internally-developed, Real-Time Gross Settlement (RTGS) systems with an off-the-shelf, packaged RTGS solution.
These RTGS replacement projects were complex endeavours to manage due to the fact that the systems being replaced were sophisticated mission-critical, tailor-made and tightly-integrated infrastructures. If it is further considered that the replacement application was a packaged solution, then it should be clear that the alignment of functionality and business practices was a major success factor in the project.
The projects were not only application replacements, but also the replacement of mainframe technologies with open system platforms and related infrastructures.
Project management proved to be a tough challenge and valuable lessons were learnt with respect to project governance, managing in multi-cultural and multi-vendor situations, managing across geographical distances, managing the many disciplines involved, resource management, etc.
The implementation projects covered the following activities:
- Aligning the application and the central bank's business policies, practices and procedures
Where alignment could not be achieved the application software was enhanced
- Specifying / validating the IT infrastructure and environment required by the system
- Implementing the application software and peripheral applications
- Systems integration, including integration of the applications with the security infrastructure, connecting with SWIFT infrastructure and/or a private interbank network, as well as interfacing with peripheral applications
- Training central bank staff
- User acceptance testing
- Pilot projects between the central bank and participants
- Preparation for cutover to production
The project governance comprised executives from Perago, the prime contractor, other service providers (where applicable) and the clients.
The results achieved were, inter alia, the following:
- RTGS application successfully insourced from independent software provider
- Increased RTGS utilisation by banks due to the availability of advanced system features
- Successful downsizing of RTGS infrastructure
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