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A large financial institution from the US wanted to streamline the process of issuing Letter of Credits (LOCs) to its member banks. These banks were its partners who were depending on its support for liquidity, asset/liability management, and housing, community, and economic development activities. An L/C acts as a promise made by the Bank on behalf of the member to make payments to a third-party beneficiary in the event of a default of performance.
The daily tasks for the Bank’s employees involved generating several reports: Daily Reports, General Ledger Reconcilement Reports, Daily Transaction Journal Repot, Amortization of Fees, Commitment listing Report, Commitment Summary Report, etc. The older legacy platform made it difficult for the Bank’s employees to perform reconciliations at the end of the day by matching the member bank’s commitment request details, tracing the changes, and finally tallying it with the commitment. The commitment amount mentioned in the LOC is issued after multiple credit check processes.
The legacy application interface was build using PowerBuilder and migration to Java brought the flexibility required to add new automation capabilities. The migration makes it easy for the bank to make rapid changes in its framework while supporting an open, flexible platform development environment. Using Sun Technologies’ automated migration tools, our Solution Architects completed the project in rapid sprints to successfully launch the new application. It has helped convert all PowerBuilder app functionalities to a Java-supported modern web architecture and interface.
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