There are other currency-related changes that are occurring around the world in addition to euro adaptation, specifically the need to comply with currency redenomination requirements. Consequently, IT managers at financial services and governmental organizations are seeking a low risk, cost effective way to handle the enormous impact these changes will have on their operations.
An Enterprise Approach to Currency Redenomination
The BluePhoenix currency redenomination solution is based on the uniquely flexible technology developed for complex and large-scale modifications to data field length, type, and/or structure. This proven technology has already been used to convert nearly 1 billion lines of code and is coupled with a methodology that addresses the business and management needs of each organization. From initial impact assessment to testing, the solution addresses the enterprise as a whole, covering mainframe and distributed systems written in most popular programming languages, using a range of databases and file structures.
Our solution provides several distinct benefits that simplify the transition effort and assure the success of a redenomination project. First, code conversion is performed with an automated tool that accelerates the process and provides enhanced control over large-scale changes. Second, modifications are made simultaneously and tested as a whole, thus minimizing maintenance freeze time. Additionally, enterprises have the option to implement the redenomination in stages, resulting in lowered risk and better management and control of the process.
Turkish Lira Case Study
The Central Bank of Turkey announced that the Turkish Lira be redenominated on January 1, 2005 by dropping six zeros off the currency. By the end of 2004, all the private and governmental organizations affected by the change needed to harmonize all their computer software, ATMs, POS terminals, and other processing systems, adapt their practices to the changes in the EDT and EST systems, and transform all existing accounts to the new Yeni Türk Lirasi currency. The process of implementing the currency was further complicated by the mix of platforms and technologies throughout the various organizations affected by this change.
Read about the highly successful redenomination project that BluePhoenix performed for Isbank in Turkey.