Adenza, the new company formed by the merger of Calypso Technology and AxiomSL, today announced that in June, Arion Bank became the first Adenza customer to go live with their latest Major Calypso Version, v17. The upgrade project began soon after the official launch of v17 in February 2022 and went live within 4 months. Arion Bank embarked on the v17 upgrade as part of an ongoing effort to stay current. Prior to this upgrade they had already performed ten v16.1 rebases (minor upgrades) since 2019.
The key operational reason for this regular upgrade cycle was to reduce operational risk by avoiding large scale change deployment to production. Since beginning this regular upgrade cycle in 2019, Arion Bank with the assistance from Brambolt Consulting, have continued to refine and automate their testing/deployment practice, and are now able to validate every Calypso Monthly Release, deploying the majority of them to production.
The v17 upgrade experience was a very positive one for the Bank
Magnus also mentioned that their Calypso upgrade methodology is now the benchmark within the Bank due to its low-risk and cost-efficient nature, and they will be looking to repeat this across further systems.
Brambolt Consulting were instrumental in the success of this upgrade to v17, and Arnfinnur Ottesen, Managing Partner shared his insights on the project following the successful go-live :
“We noticed a significant reduction in effort in the v16.1 to v17 upgrade compared to our previous v15.2 to v16.1 upgrade. This time, the upgrade was like the recent v16.1 rebases we have been executing.” Arnfinnur went on to comment: “We embraced the technical changes coming in v17 – Springboot has resulted in a much lighter Calypso footprint, meaning we can now deploy Calypso in a matter of 3-5 minutes compared to previous 30-minute deployments.
Since the Arion Bank v17 go-live in June, 2 other Calypso customers have also successfully gone live on v17, and another 15+ clients are also planning to go live with v17 before the end of 2022.
Arion Bank is a leading Icelandic bank offering universal financial services to companies, institutional investors, and individuals. These services include corporate and retail banking, investment banking, capital markets services, treasury services, asset management and comprehensive wealth management for private banking clients. Arion Bank only has operations in Iceland.
The Bank is a market leader in terms of digital solutions and innovation. Numerous new digital solutions have been launched in the past few years, enhancing service to customers, and making the Bank’s operations more efficient. Arion Bank is a financially robust bank which places great importance on operating responsibly in harmony with society and the environment. The Bank is listed on the main lists of Nasdaq Iceland and Nasdaq Stockholm.
Brambolt Consulting, founded by two Calypso veterans, Arnfinnur Ottesen and Stefán Sigurðsson, offers specialized Calypso application lifecycle support. They reduce the TCO by continuously evaluating and deploying new Monthly Releases of the Calypso platform from Adenza as part of a normal on-site maintenance schedule.
Adenza provides customers with end-to-end, trading, treasury, risk management and regulatory compliance platforms which can be delivered on-premise or on-cloud. Adenza enables financial institutions to consolidate and streamline their operations with front-to-back solutions integrated with data management and reporting, benefitting from a single source of truth across the business.
With headquarters in London and New York, Adenza has more than 60,000 users across the world’s largest financial institutions spanning global and regional banks, broker dealers, insurers, asset managers, pension funds, hedge funds, central banks, stock exchanges and clearing houses, securities services providers and corporates.
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