09:21 AM
Scotiabank Taps Sanchez Line of Business Solution
As one of the largest banks in Canada with almost C$300 billion in assets, Scotiabank does its fair share of mortgage business. However, the bank was experiencing difficulties creating new mortgage products.
"The specific problem was that we could not get innovative product to market in a timely fashion," said Peter Sweers, senior vice president of System Development for Scotiabank. "Our mortgage legacy system required complex coding so regression testing was very complex and long."
Instead of installing a mortgage-only solution, Scotiabank searched for a replacement that was flexible and had the ability to both scale up and scale out. The bank turned to the Sanchez Line of Business Migration package. The package includes Sanchez Profile, a real-time core processing application, Sanchez Xpress, a transaction and business integration middleware layer, and Sanchez WebCSR, a Web-based customer-servicing application. The combined technologies will allow Scotiabank to migrate all the information from its current mortgage system onto a new and much more powerful core processing platform, creating the environment needed for timely product creation.
An added benefit of the Sanchez solution is that it creates an architecture that can be reused for further line of business replacements.
Over time, Sweers hopes to modernize the entire legacy lending system. "So as we migrate off the legacy platform, the intent will be to look to Sanchez for everything that involves lending," he said.