Compass UOL has unveiled a new solution that enables automated mainframe modernisation (AMM) for financial institutions while minimising the risk of updating industry critical systems.
AMM is an alternative solution that enables IT executives to reduce costs and increase go-to-market speed, using modern programming languages, new technological stacks, and the cloud.
The Brazilian digital services company said that mainframe software is behind core financial tasks, increasing risk in migration from the original Cobol and Assembler code.
The core financial tasks include account processing, real-time transaction recording, insurance underwriting and other mission-critical systems.
Compass UOL is among the very few companies with AWS Financial Services Competency and is the only company to offer its own Gen AI software suite, dubbed AI Cockpit.
The new solution combines critical mainframe code conversion with generative artificial intelligence (Gen AI) to advance the improvement of financial industry platforms.
Compass UOL CEO Alexis Rockenbach said: “Fintechs used to partner with banks to give their new apps access to all these core mainframe processes. Imagine if banks created the new apps themselves.”
mLogica CEO Amit Okhandiar said: “Mainframe environments include many complex assets. As part of the strategic relationship with Compass UOL, mLogica provides mainframe re-platforming solutions and mainframe code conversion (refactoring) software solutions.
“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.”
Earlier this year, Compass UOL partnered with digital transformation company mLogica to expand their combined modernisation offerings, focusing on banking and financial services.
AMM, mLogica, and AI Cockpit will jointly help financial institutions convert existing mainframe Cobol and Assembler code into clean, high-standard target codes and architectures.
The combined solution is a faster, more secure, and quality-proofed system, customised to new use cases like instant payments and digital coins among others, said Compass UOL.
