The Stock Exchange subsidiary has just completed a complex migration project for its e-file solution.
Beyond the requirements to migrate from the Flex framework to React, this transformation has made it possible to introduce numerous improvements to the heart of the solution. These enhancements make life easier for both internal and external users and contribute to improving the quality of information exchanges at the heart of the Luxembourg fund ecosystem.
Fundsquare, a subsidiary of the Luxembourg Stock Exchange, implements solutions used by the fund industry to facilitate the exchange of information between participants and the regulator. It has developed a comprehensive toolbox that evolves with the needs of the market and the financial industry. Among the solutions offered, the e-file platform supports regulatory reporting procedures. "It is a solution accredited by the financial market regulator, the CSSF, for sending documents and reports from fund industry players," comments Laurent Trevisanut, Head, Business Analysis & IT Services at Fundsquare. "Recently, the platform has been completely overhauled to better meet the needs of the market beyond regulatory issues and to integrate with the latest technologies."
Head, Business Analysis & IT Services (Fundsquare)
Technologies are changing and we need to evolve with them.
The desire was to take advantage of this opportunity to enhance the front-end, to improve the product as a whole and better serve the business activity
More than a technical project
The trigger for this major project, which was carried out over three years, for the equivalent of 2,500 man-days, was the announced end of the Adobe Flash technology and the Flex framework. "The latter has given us complete satisfaction since 2010. However, technologies are changing and we need to evolve with them. So the time had come to redesign the solution based on more recent technologies," continues Laurent Trevisanut. "Our team of architects chose React to redeploy our e-file solution. The ambition, however, was not limited to a technical migration from one technology to another. The desire, given the scope of the transformation, was to take advantage of this opportunity to evolve the front-end and to improve the product as a whole and better serve the business activity."
A central platform
From the start, users were integrated into the project, working with the IT teams, to carry out a complete review of the platform. "Several objectives were identified. The first was to reinforce the convergence of two of our three business lines, namely Regulatory Services and Information Services. By implementing a unified front-end and processes that integrate both regulatory requirements and obligations for publication, data dissemination and documentation, the aim was to achieve efficiency gains for all users," continued the project manager. Particular attention was paid to the challenges of UX/UI in order to propose clear and efficient journeys for users, both on the customer side and within Fundsquare's internal departments.
Head, Business Analysis & IT Services (Fundsquare)
Fundsquare can considerably facilitate the information procedures that the various players in the fund industry have to do throughout the fund life cycle
The e-file tool, which was originally dedicated to sending documents to the regulator, has therefore become a central platform, now supporting both exchanges with the supervisory authority and those between the various players in the ecosystem from a single database. In this way, Fundsquare can considerably facilitate the information procedures that the various players in the fund industry have to do throughout the fund life cycle. To give an order of magnitude, e-file has 5,300 active users at 900 connected entities. Around 3 million files are sent through the platform each year. The data is now better managed, avoiding the need to multiply it, and we can reduce the risk of errors. "Unified developments through merging external and internal applications made it possible to guarantee the consistency of future developments and improve performance," adds Laurent Trevisanut.
Improving each application
As part of this project, Fundsquare has started discussions with a number of clients as early as 2018, in order to identify with them areas for improvement on which to work. "These customers have supported us throughout the project, testing and validating the first versions of each module," continues the IT manager. In total, some 80 applications running on Flex technology were taken over, redesigned, by working on each interface, before rebuilding them with React. We started the project with our less critical applications in order to integrate the IT teams' needs by upgrading their skills in the new technologies used. »
Ensuring user adoption
Communication and change management were also an important issue in the project, to help customers move away from old applications and adopt the new version smoothly. "The first application went live in 2019. All the indicators look good and the project, which was managed with an "agile" approach, should be completed on time in the coming weeks," says Laurent Trevisanut. The success of this major project also owes a lot to the involvement of the teams, which were very close-knit. Everyone - business units, business analysts, IT solutions architects and project management - did an excellent job and put a lot of energy into making this transformation was a real success."
Today, Fundsquare has a new high-performance tool and can prepare for the future. We have no shortage of projects. Beyond 2020, the IT roadmap will continue with the aim of developing applications by adopting a microservices architecture, migrating solutions to a cloud infrastructure and further promoting data exchange via APIs.
IT Nation, July 2020