Problem Statement
Context
Migrating data from one platform to another is a complex endeavour, especially within regulated Financial Services. A global Fund Administration product that DLT Apps had incubated was migrating a complex dataset of £20 billion of assets under management (AUM) from a leading Asset Manager. This needed a solution that could securely migrate data at speed and at scale.
Challenges
- The target system was new and not yet functionally proven.
- The source data from the legacy application had data quality issues and lacking consistency across datasets.
- The extraction and mapping of important information was reliant on time and effort-intensive manual processes that caused concerns with scalability and accuracy.
Solution
TerraAi – an AI/ML-enabled data migration engine powered the migration of this complex dataset. We achieved this by
1Adopting modern architectural principles that enabled rapid test cycles that reduced the overall migration timelines to a few hours.
2This was achieved by implementing end-to-end automation that removed all the associated manual processes and focussed on data migration issues.
3Enabled real time data profiling which helped data fixes at source.
4Visualising real-time migration dashboards.
TerraAi brought together multiple facets to tackle the challenge of a seamless migration
- Adopting the config over code principle, which enabled standardisation of our platform.
- Automation of proof points for migration success criteria eliminates manual effort.
- Adoption of distributed microservices architecture enables horizontal scaling.
- Real-time dashboards to provide record-level status and progress during migration events.
- Auditing every run of the migration cycle for transparency.
Impact
- Post the successful migration, our in-house fund administration platform now seamlessly manages £20 billion in assets, enhancing operational efficiency, accuracy, and scalability.
- This achievement has fortified TerraAi’s position in the financial domain, offering stakeholders unparalleled transparency, speed, and agility in asset management.
- Through meticulous planning and execution, we've not only ensured data integrity and security but have also paved the way for innovative, data-driven strategies to maximise asset growth and deliver superior value to our clients.
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