Core Conversion

Key Areas

One of the oldest financial services institutions in America, holding over $1 trillion in assets, approached Heitmeyer Consulting to support conversion of their treasury, cash management, and item processing functions from FISERV to BNYM. The client had hired a Big 4 consulting firm and was unsure of the quality of their results. Recalling Heitmeyer’s successful work in developing Symcor in Canada, a senior operations leader reached out for a discussion.

They enlisted Heitmeyer to review the firm’s reporting. Impressed by the depth of the review, the client replaced their previous firm with Heitmeyer to execute the remainder of the project.

Background

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The previous firm struggled due to a lack of SMEs specific to the clients’ needs. Given our exclusive focus on the financial industry, and retaining a network of 100,000+ experienced consultants, Heitmeyer was able to rapidly embed resources, along with project managers, within days of signing.

Our engagement model focused on thoroughly understanding the current and future state, emphasizing business rules and customer experience to minimize impact to the overall business.

We documented existing processes, detailing how they were executed, where customer inputs were provided, and where outputs were received.

Solution

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We developed comprehensive internal and external communication plans, training programs, and documentation to facilitate the transition to a new platform for the business, operations, and clients. Throughout the program, we partnered with the QA team to write appropriate test cases and use cases required to test the system. We managed client communication directly, providing training and assistance throughout the migrations. Additionally, we worked with the business and operations teams to define business and operational readiness activities, ensuring a seamless transition.

Major achievements by our team include:

• Conversion of Wholesale Lockbox processing from FISERV to BNYMellon

• Conversion of Item Processing (Day 1 and Day 2) from FISERV to Wausau

• Transition from existing platform of IBS to FIS ACBS platform utilizing a team of Commercial Loan Experts

Outcome

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Heitmeyer deployed over 20 highly specialized SMEs, enabling the client to reduce expenses by 60% compared to the Big 4 estimate. Furthermore, we completed the migrations ahead of the Big 4’s projected timeline and were awarded additional projects within the client.

Heitmeyer provided advisory and consulting services across Transformation, Item Processing, and Treasury Management. A program initially scoped to last 30 months was completed in less than 24 months, with additional business case savings identified.

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