BNF Bank

BNF Bank

Legacy Migration from Banka 2 to Temenos Transact R23

Company Overview

BNF Bank is a key player in the Maltese financial services sector, offering personal and business clients highly personalized products and services through their international presence and branch network across the Maltese Islands. Driven by its commitment to innovation, BNF embarked on a modernization journey by replacing its legacy core banking with Temenos Transact. This initiative aims to future-proof the bank’s operations and reinforce its status as the bank of choice in Malta.

Industry: BANKING

Organization Size: 250+

Location: Europe

Business Need

BNF bank in Malta,is undergoing a core banking replacement project from Banka 2 to Temenos Transact R23 on the Temenos Banking Cloud. The bank has the following Temenos modules for phase 2 – Customer, Account, Limits, Collaterals , Deposits, Terms Deposit, Cheques, Loan ,GL , Facta etc.

The bank wanted assistance with the Migration process, end to end, starting with data mappings, Migration design, Migration automation and reconciliation as well as financial reconciliation.

Moreover the bank had other data integration needs related to Mastercard and Temenos transact, regulatory reporting data delivery and Nostro reconciliation.

Solution

BNF Bank selected Validata’s ConnectIQ platform to accelerate its data migration from Banka2 to Temenos Transact R23 as well as Migration reconciliation processes as part of its transition to the new core banking system and Nostro reconciliation for after Go-Live.

Reconcile the data in order to identify mismatches and exception that need investigation.

ConnectIQ automated the DMS versioning as well as the data extraction a transformation process, migration and financial reconciliation.

ConnectIQ, Validata’s no-code, AI-powered data enablement platform, offers a streamlined approach to data migration and reconciliation. It features an intuitive interface that supports end-to-end Data mapping studio, Extraction, Transformation, Loading (ETL), validation, and reconciliation of financial and static data. Unique in its capacity to manage and integrate vast amounts of data efficiently, ConnectIQ ensures smooth, real-time or progressive migrations, enabling seamless data alignment across diverse systems.

Benefits

Faster data migration and financial reconciliation with higher data quality
Standardised migration and reconciliation process across three different systems. Analysis, design, build and execution of the migration meeting compliance standards
Structured data resulting in a faster data migration with higher data quality
Data Enablement for other streams like regulatory reporting ,Mastercard transaction integration ,Financial reconciliation