10x Banking has announced a new partnership with DLT Apps. The firms have created a combined solution to assist financial institutions with data migration. The solution, MigratIO, leverages AI to assist the banking industry with its digital transformation projects.
Data migrations are one of the most challenging aspects of any digital transformation. The solution created by this partnership will enable organisations to reliably transfer data from legacy and non-legacy systems on the 10x platform.
Okan Ozaltin, Chief Product Officer at 10x Banking, said, “A key differentiator of this joint solution is the ability of 10x to load data in any sequence, validate it in a controlled staging environment, and ensure that every transformation is auditable. This allows banks to manage their migrations with precision, reducing the risk of data loss or corruption and accelerating the migration process; this enables clients to quickly realise the benefits of their new systems.”
Santosh Reyes, Founder & MD at DLT Apps, commented, “We are excited to partner with 10x to enable financial institutions to take control of their data migration projects”, commented, “This partnership ensures the quality and integrity of data is maintained from start to finish as users can identify data quality issues early in the migration lifecycle.”
MigratIO
MigratIO combines DLT Apps TerraAI with the existing migration tooling available within 10x. DLT Apps MigratIO has the following features:
- MigratIO offers seamless data migration using a no-code interface to set up data pipelines, monitor progress and ensure that migrations are completed smoothly, securely and are repeatable.
- The solution is powered by AI and Machine learning, which offers intelligent data mapping and predictive data transformation.
- Real-time dashboards allow engineers to track progress, identify errors and anomalies and take corrective actions quickly.
- The platform was designed to be scalable and secure. It adheres to ACID (Atomicity, Consistency, Isolation, and Durability) principles to achieve accuracy and consistency.
- MigratIO allows attribute-level reconciliation, ensuring data accuracy for every record and field down to an attribute-level.
- Users can create reusable templates supported by rapid test cycles that enable test migrations to be completed quickly.
- Full audit log of data entries, with detailed audit trails supporting the real-time data monitoring.
The components of this solution have been tested in live situations; 10x states that the combined solution has also been “rigorously tested and proven”. I asked 10x what this meant. Ozaltin responded, “The joint solution was proven using test data that closely resembles a bank’s real data. We used multiple data scenarios across 1 million accounts (300,000 customers and 2 million transactions) that we migrated over to the 10x Banking platform.”
The solution was tested against the 10x meta core product to prove the ability to migrate from a bank’s legacy third-party systems.
The combination of TerraAi and the 10x Banking platform is now available for customers to address the complexities of today’s data migration projects. DLT Apps’ TerraAi, along with its MigratIO platform, will handle any data format. Thus enabling its migration to the 10x Banking platform. The migration tool enables organisations to migrate data between banking platforms faster, with more accuracy and at a reduced cost than before.
The solution is already available. Pricing, according to 10x Banking, is bespoke as each use case is unique. I also asked 10x what is next for the partnership. Ozaltin replied,“We will continue to further enhance our robust migration capability. Enabling banks to migrate their data with confidence and security and ensure seamless service continuity.”
Enterprise Times: What does this mean
This is an important partnership and solution that could enable financial institutions to lower the risk one of the biggest challenges of any digital transformation project. It will also help to significantly lower the cost of any project with migration challenges.
To see the quantitative benefits and results of a financial institution using MigratIO will be interesting. What difference does the platform make to the estimated costs of the migration? What is the ROI against other options?
