Portfolio Conversion Tool - How It Works

Since 1989, the process for data conversion has been very complicated and very manual. Typically, banks don’t have the time to develop a new product and their consulting partner isn’t incented to. Frustrations abound with the business side needing to move the loans quickly, and the IT department which is challenged to commit required staff or time to get the job done without delaying other priorities.

At Genuity’s Banking Technology Group, we knew there had to be a better way. We pooled experience and found a way to simplify and automate much of the process. The Portfolio Conversion Toolkit (PCT) does that, automating major parts of data mapping, providing code generation for conversion itself, and seamlessly incorporating an automatic balancing tool that saves an abundance of time. PCT also contains a highly useful reporting tool which allows you to control the detail and provides tolerances to skip small rounding errors, per diem, or other issues that will cause differences.

Data Mapping and Translation. Typically, data mapping is straight field-to-field. For example, a conversion from one database to another might include similar fields like First Name, Company, Address1, City, etc. In consumer lending portfolio conversions often definitions are different, like a “1” in the old system equals “Y” in the new system. These fields must be translated by a conversion specialist field-by-field; very time consuming and expensive.

The PCT Mapping and Translation tool allows for automation of this step.

Code Generation. For each new conversion that comes along, a new conversion code is developed. Since this code provides the instructions necessary to complete the production conversion, it must be flawless. Typically many people work on this huge conversion program over weeks and months getting it ready for the big event. This problem is further exacerbated when there are simultaneous conversions occurring, especially if the same people are working on multiple conversion programs.

The PCT code generation tool automates the code generation process allowing faster conversions with fewer rejects which, in turn, allows more time for QA to increase accuracy.

Automatic Balancing Tool. One of the hardest parts of a successful data conversion is balancing. Conversions programs in banking loan operations are large and complex so there are bound to be errors that create account differences or rejects. With traditional methods of data conversion these rejects are very time consuming to track and resolve.

With PCT this isn’t a problem. In fact, in many cases you spend zero time on balancing, which greatly simplifies the process while reducing time for each successive conversion you do. And with that extra time you can perform more code testing, UAT or other risk-reducing tasks.

How much time and resources can the Portfolio Conversion Toolkit save you?

Contact us to find out.
Banking Industry