Ikigai Digital Migration Kit

At a glance

The Ikigai Digital migration kit is a flexible, configurable and extendable set of tools, purpose-built to migrate data to Vault Core, now live and in production with a leading challenger bank.

Solution category

Migration

Geography

Global

Built by

Ikigai Digital

The challenge

Most core banking migrations falter at the starting line due to the risks involved, lack of confidence from stakeholders and uncertainty about how to approach the problem.

Most banks lack the knowledge and experience to move from monolith “all-in-one” cores towards distinct and dedicated platforms like Vault Core.
The lack of standard tooling, templates and playbooks reduces a bank’s ability to produce repeatable, accurate results at low cost and within acceptable time frames.
There is zero margin for error when it comes to customer data.
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The solution

The Ikigai Digital migration kit is a set of customer-proven, reusable, yet fully customisable and extendable tools, including:

Discovery questionnaires: a set of general and product specific questions to help gather migration requirements.
Migration matrix: the glue between our discovery questionnaires and the migration pipelines. It allows us to decouple and map migration activities against a standard migration methodology.
Migration pipelines: a set of platform building blocks and physical assets which we configure and build according to the bank’s migration strategy. They are decoupled, reusable and product aligned.
Reference architectures: leveraging our past experience, reference architectures help drive a clear migration scope and well defined target state of success.

Benefits

Flexible, extendible and customisable

No migration is exactly the same, and our solution provides banks with reusable, proven models and patterns out of the box, or the tools to innovate and start from scratch.

Reduced risk, increased reliability

Our unique 7-step process highlights issues faster, with more in depth diagnosis before the data is transformed and submitted to Vault Core for ingestion.

Increased quality and consistency

Our built-in data profiling and quality gates provide additional comfort and visibility.

Repair and rollback tooling

The repair and rollback capability gives banks the ability to continue migration efforts with confidence, providing options to fix-forward issues when a problem arises.

How the solution works

Our migration kit supports you from strategy selection and planning all the way to implementation and verification.

For simplification, at the heart of this solution is the Ikigai Digital Migration Pipeline, which contains several key components and follows a tried and tested 7-step process:

Data mapping
Our migration solution comes with a bank standard data model and set of mapping rules that can easily be amended or extended based on each bank’s unique requirements.‍‍
Data extraction
Once the desired data structure is defined and mapped, data is extracted from the source or legacy system to the target Ikigai Data Model, reducing data inconsistencies in downstream systems.
Data profiling and checks
Once extracted, the data is checked against the defined data model. This phase culminates in an automated report that highlights all discrepancies and quality issues for remediation. Remediation is done in the legacy system or the defined snapshot.
‍Data transformation
After the profiling and quality check is passed, the data is converted to a Thought Machine-supported format. The solution allows banks to easily toggle between test and real runs, enable and disable dependency groups, and configure batch sizes for additional peace of mind.
Data loading
The migration component sends the quality-checked, transformed data to Vault Core via the Thought Machine Data Loader API and Posting Migration API and/or BAU Posting API. API responses (including DLQs) are stored for easy reconciliation and visualised via DataDog for real-time monitoring and alerting.‍
Reconciliation
Once completed, an end-to-end reconciliation report is generated with additional information on successes and failures for further investigation and correction. This reconciliation follows Thought Machine best practice, including using ResourceMigratedEvents.
‍Repair or rollback
In case of reconciliation issues, the solution includes a tool to repair account parameters and balance positions. If a bank is unable to successfully repair the data, the tool can zero-out balances and close accounts.

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Ikigai Digital Migration Kit

The challenge

The solution

Why the partnership?