Compass UOL accelerates modernization in banking platforms with Gen AI

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Dec 22, 2023, 08:57 ET

New tool combines critical mainframe code conversion with cutting-edge Generative AI to speed up financial industry platforms improvement.

SAN FRANCISCO, Dec. 22, 2023 /PRNewswire/ -- Compass UOL announced a program that offers financial institutions Automated Mainframe Modernization (AMM) while minimizing the risk of updating systems crucial to the financial services industry.

Mainframe software is behind core financial tasks like account processing, real-time transaction recording, insurance underwriting and other mission critical systems, making any migration from the original Cobol and Assembler code a risky proposition.

AMM is an alternative solution for all cases where the IT executives plan to reduce costs and increase go-to-market speed by taking advantage of modern programming languages, new technological stacks, and the cloud.

Compass UOL is one of a few companies with an AWS Financial Services Competency, and the only one to offer customers its own Gen AI proprietary software engineering suite, called AI Cockpit.

With AMM and in an exclusive partnership with digital transformation company mLogica, AI Cockpit will now help financial institutions convert existing mainframe Cobol and Assembler code into clean, high-standard target codes and architectures.

The result is a faster, secure, and quality-proofed system, tailored to new use cases like instant payments and digital coins, among many others presented by emerging trends like open finance, real-time transactions, and borderless markets, with a drastic cut in costs.

"Fintechs used to partner with banks to give their new apps access to all these core mainframe processes," said Alexis Rockenbach, CEO of Compass UOL. "Imagine if banks created the new apps themselves."

"Mainframe environments include many complex assets," said Amit Okhandiar, mLogica's CEO. "As part of the strategic relationship with Compass UOL, mLogica provides mainframe re-platforming solutions, mainframe code conversion (refactoring) software solutions, and Compass UOL offers the testing, validations, program management, requirement identification, business area validations, and code improvements to desired target architectures needed to bring these assets to the cloud," he explained.

When announcing its AWS Financial Services Competency, Compass UOL said it would use its Gen AI tools to help bring about a faster evolution of payments, digital banking, real time operations, and banking and capital markets platforms and journeys.

About Compass UOL

Compass UOL is a global company that drives Enterprise Transformation through Artificial Intelligence and Digital Technologies. We design and build digital native platforms using cutting-edge technologies to help companies innovate, transform their businesses, and thrive in their industries. We cultivate the best talent, creating opportunities to improve people's lives and focusing on how disruptive technologies can positively impact society.

SOURCE Compass UOL