Thomson Reuters today announced the launch of a new customer migration service for its risk management software customers. The service was developed in response to growing customer demands to reduce the total cost and time required for major software upgrades and new implementations. Working together with ITC Infotech, a leading specialist in software quality assurance services for the financial services industry, this new service will help ensure the smooth and rapid deployment of new software releases by using customer-specific, quality assurance plans.
Financial institutions are under pressure to provide better risk management and transparency, while simultaneously coping with growing trading volumes, high volatility and the need to reduce IT and operations costs. Their focus is on providing greater support for their business while controlling implementation, integration, testing, and deployment costs for their core trade and risk management software platforms.
Andrew White, global head of Risk Management at Thomson Reuters, commented: “By listening to and working collaboratively with our customers Thomson Reuters continues to react quickly to market needs. The customer migration service is a step forward in our ability to help customers minimise implementation risks, and ultimately reduce the ‘end-to-end’ cost of major upgrades.”
Thomson Reuters flagship Kondor+ cross-asset, front-to-back trade and risk management platform helps financial institutions manage their global trading volumes for flow and structured products at beneficial cost-per-trade economics, while simultaneously supporting rapid product innovation, transparent valuations and comprehensive risk management capabilities. Combined with the new Customer Migration Service, it will allow customers to capture these vital benefits faster and with lower end-to-end implementation costs.
To provide this new service Thomson Reuters and ITC Infotech have created a dedicated Kondor+ Centre of Excellence. This service will offer customer-specific quality assurance plans for new releases of Kondor+ software using customers’ database configurations, workflows, and usage patterns. By using this new service, customers will benefit from the ability to:
• Accurately assess the risks of major migration projects, based on their specific usage scope, business patterns, complexity of operations, and degree of customization
• Receive software releases, which have been fully validated against their own quality specifications and are ready for user acceptance testing, thereby drastically reducing the total cost, risk and duration of major migration projects
• Develop highly effective, repeatable, and reusable quality assurance campaigns that will also benefit the subsequent upgrades
• Execute these campaigns in a highly effective and efficient quality assurance environment of the Kondor+ Centre of Excellence, which benefits from the ‘state-of-the-art’ test management and automation facilities and the combined engineering and testing expertise of Thomson Reuters and ITC Infotech.