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IBS Journal February 2016


year contract and Paratus AMC’s intention was always to move off that system when the contract came to an end in the middle of 2014.tion was always to move off that system when the contract came to an end in the middle of 2014. At that point Paratus AMC had already


migrated a small portfolio on to Phoebus, which was a portfolio serviced on behalf of a New York-based investment fund. This mini-migration could be viewed as


a test run. ‘Most of our portfolio is securitised


loans that are effectively managed on behalf of a third party, so most of our port- folio wasn’t owned by the fund. ‘The initial migration of loans to Phoe-


bus from 2,000 fund-owned loans, which didn’t have any of the more complicated loan management features such as insur- ance, making it more straightforward. ‘They didn’t have requirements to man-


age securitised balances, which is always a bit of a challenge on systems like Jade, so they were probably the most simple loans that we could migrate, but also because there were only 2,000 of them.’ Because of this initial project size, if


Paratus AMC encountered any issues the team could manually deal with any prob- lems and correct them. This first stage was seen as ‘far more


simplistic’ and no redeemed loans were migrated. In addition, none had insurance and none were securitised.


Rest the test After the testing worked well, Paratus AMC moved on to the full migration. ‘This involved all the loans with securi-


tised companies, so we’re now up to 30,000 loans and a redeemed back book. ‘What we didn’t want to do is have an


alternative source if we needed to look up against our redeemed accounts. We want- ed to transfer all of those as well, and they were about 170,000 to 180,000 loans. So they don’t have a live balance to worry


‘This involved all the loans with securi-


tised companies, so we’re now up to 30,000 loans and a redeemed back book. ‘What we didn’t want to do is have an


alternative source if we needed to look up against our redeemed accounts. We want- ed to transfer all of those as well, and they were about 170,000 to 180,000 loans. So they don’t have a live balance to worry about. It’s still a lot of data and we need to make sure they are migrated correctly. ‘We didn’t want to keep Jade alive


obviously for these redeemed loans because we’re paying for it and we didn’t simply want to take just a big data dump and have to create a separate solution. ‘So it was important for us to be able


to migrate redeemed loans, so this project was massively higher than the small port- folio migration.’ The project kicked off ‘in earnest’ in


October/November 2014, with the added bonus that Paratus AMC was by now famil- iar with Phoebus. ‘So one of the things we identified ear-


ly on is that migrating that amount of data is going to take quite a long time in terms of simple processing time over the week- end. So our preference was to run the pro- ject at a bank holiday weekend, giving us more time.’ The first choice was 3rd-6th April 2015


– namely four working days. The initial five-month project got


Paratus AMC to that point in time with the assistance of Phoebus – who provided local resources, such as a number of devel- opers on site three days a week. ‘There were some issues around data – such as a tidy-up – and in terms of how Phoebus is configured differently from HML’s Jade system. It’s no surprise that loan accounting systems have different ways of dealing with different things. ‘The biggest difference was purely dealing with names and address and how they were recorded on the Jade system. For example, each loan is an individual item


© IBS Intelligence 2016


and there’s no attempt to reference them back to a master loan account – which is key to Phoebus. So with Phoebus, if you amend it on one account, you don’t need to amend it on six or seven others. ‘So this loan data on the system was


about 15 years’ worth I guess. It’s not as if we’re transferring a point in time.’ Keeble says other migrations may be somebody buying a portfolio of loans and transferring them – which is seen as a ‘clean break’, the new owner acquiring the balance at a point in time. But for Paratus AMC’s migration, it


had to think about the balance ‘all the way through to now and beyond’. The company had to look at the data


origination and it certainly wasn’t a sim- ple affair. ‘Some accounts are very complicat-


ed because life is fairly complicated. Some of the accounts ultimately have a lot of transactions on them and they need to be migrated, so it was a five to six month project. ‘What became clear as we got into


early March 2015 is that we established a whole series of issues and we were run- ning behind on two or three items. ‘So with about two and half weeks to


go we made the decision we’re not going to go over that part of Easter [4th-6th April 2015] weekend because we couldn’t close out with Phoebus that all the critical suc- cess factors we identified at the start of the project would be resolved in time. ‘Therefore, we pushed the project out


a further month to the May bank holiday, which afforded us four weeks and during that time we resolved all of our identified key hurdles for a successful migration.’ He says the only issue that didn’t meet


the ‘success factors’ was the timeframe to convert the data wasn’t under the pre- scribed 12 hours. It had been reduced to 16 hours, but the bank holiday weekend still gave them time.


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case study: paratus amc


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