HCLTech undertook the migration from IBM Business Process Management (BPM) to Camunda, the workflow and decision automation platform, driven by its flexibility and low-code benefits. The transition enabled automated handling of trade settlement exceptions for a leading German bank, and the project was executed successfully in an Agile scrum environment with a lean team.
The Challenge
Revolutionizing cash securities exception management
The challenge was to automate the handling of trade settlement exceptions, a process previously burdened by manual and fragmented methods. Our client's settlement engine needed to feed processing applications for cash securities pre-settlement exception handling and exception management for failed trades. The existing manual processes were causing operational inefficiencies. The goal was to develop a new cash securities exception platform, stabilize it and start adding value while maintaining the old platform for operations to view settlement statuses. The process lifecycle lasted just one day.
The Objective
Transforming trade settlement exception handling
The objectives of this initiative were multifaceted, including:
- First, the aim was to automate the handling of trade settlement exceptions, thereby reducing manual interventions and improving efficiency.
- Additionally, the goal was to replace the existing manual and fragmented processes with a streamlined system. A pivotal part of the objective was the development of a new cash securities exception platform.
- Simultaneously, it was crucial to ensure the stability of this new platform while keeping the old one operational during the transition phase.
- Last, the objective also encompassed maintaining the ability for operations to effectively monitor settlement statuses throughout the process.
The Solution
Streamlined solution for automated workflow and efficiency enhancements
Our solution was meticulously crafted to address specific operational challenges and optimize workflow efficiency. It was conceived with the primary goal of streamlining workflows and enhancing overall operational efficiency.
The key components were:
- Certificate renewal process We implemented a comprehensive certificate renewal process, ensuring that vital certificates and credentials remained up-to-date, without manual intervention, reducing downtime and operational disruptions
- DevOps build and pipeline self-service operational platform:The establishment of this platform allowed teams to independently manage their DevOps pipelines and builds, fostering autonomy and efficiency
- Rules-based automated workflow and prioritization systems: Automation was a cornerstone of our solution, featuring rules-based workflows that prioritized tasks intelligently, resulting in enhanced productivity and resource allocation
Leveraging Camunda in an embedded mode provided the core workflow engine, offering flexibility and scalability tailored to our specific needs. In addition to the core components, we incorporated several supplementary features that played a pivotal role in our solution's success:
Self-service operational platform:
This versatile platform served multiple purposes:
- Utilizing LDAP (Lightweight Directory Access Protocol), we efficiently managed user roles, ensuring secure and controlled access
- Teams could create and adapt workflows to their unique needs, reducing development bottlenecks
- We established a reusable framework, expediting development cycles
Camunda UI and community edition:
These elements were instrumental in ensuring effective user interaction and seamless process management:
- Camunda UI-facilitated user engagement, making it intuitive for users to interact with workflows
- We opted for the community edition for its cost-effectiveness without compromising essential functionalities
Integration with upstream systems:
Achieving smooth information flow was paramount:
- Integration with 2-3 upstream systems facilitated efficient data gathering, reducing manual input and potential errors
- The integration ensured timely confirmations and feedback loops for data accuracy.
The decision to leverage Camunda for this task was driven by several well-considered factors:
- Process lifecycle: Camunda's agility matched our workflow's short lifecycle, ensuring adaptability
- Cost-effectiveness: The platform's affordability and low total cost of ownership aligned with our budgetary constraints
- Deployment compatibility: Camunda's flexibility in various deployment environments, including Tomcat, aligned with our infrastructure
- Skill availability: We had access to a pool of skilled Camunda professionals, easing implementation and support
- Low-code advantage: Leveraging Camunda as a low-code platform accelerated development cycles, further optimizing our solution
The Impact
Boosting efficiency with Camunda
The project resulted in a global exception management tool that provides real-time, rule-based allocation of open and failed settlement exceptions for trades. It enabled automated prioritization and enrichment of trade details, along with streamlined workflow management. This streamlined the entire trade lifecycle process, leading to faster issue resolution, fewer exceptions, reduced risks and improved user satisfaction.
Successful migration to Camunda greatly enhanced the efficiency of trade settlement exception handling for the German banking major.
