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Project Vision Document

1. Project Overview

Project Name: Test Republic Transact Implementation 2

Project Sponsor: Test Republic Bank

Project Manager: [Project Manager]

Document Version: 1.0

Last Updated: 10/10/2024

2. Vision Statement

The vision of the Test Republic Transact Implementation 2 project is to seamlessly transition all account information from our legacy mainframe banking system to Temenos' Transact cloud-based core banking product. This will ensure no disruption to our clients' access to their accounts during the migration, modernize our banking infrastructure, and enhance service delivery.

3. Business Objectives

  • Transition all account information from the legacy mainframe system to Temenos' Transact product.
  • Ensure continuous client access to accounts throughout the migration process.
  • Achieve full operational status of Temenos' Transact by New Year's Eve, 2024.
  • Integrate Temenos' Transact with third-party payments software from Paymentus and the LOS from LendingPad.
  • Automate all testing using Selenium.
  • Design the User Experience (UX) with shades of blue only.

4. Project Scope

In Scope:

  • Migration of all account information including retail checking, savings accounts, CDs, Money Market accounts, mortgages, credit cards, car loans, and personal loans.
  • Real-time access to accounts for clients during the transition period.
  • Purging and closing of accounts with $100 or less, and refunding the account holders by check.
  • Integration of Temenos' Transact with Paymentus and LendingPad.
  • Development of Selenium code for automated testing.
  • UX design using shades of blue.

Out of Scope:

  • Migration of non-client-related data.
  • Major enhancements to the legacy system prior to migration.
  • Training of all bank employees on the new system.
  • Marketing activities to inform clients about the new system.

5. Stakeholders

  • Project Sponsor: Test Republic Bank
  • Project Manager: [Project Manager]
  • IT Department: Responsible for technical aspects of the migration.
  • Operations Team: Ensures business continuity during the migration.
  • Compliance Team: Ensures all regulatory requirements are met.
  • Clients: End-users affected by the migration.
  • Third-party Vendors: Paymentus and LendingPad.

6. Deliverables

  • Fully functional Temenos' Transact system by New Year's Eve, 2024.
  • Migrated account data with no disruption to client access.
  • Closed accounts with $100 or less and refunded account holders.
  • Integrated Temenos' Transact with Paymentus and LendingPad.
  • Automated testing scripts using Selenium.
  • Consistent UX designed with shades of blue.

7. Assumptions

  • The legacy mainframe system will remain operational and stable during the migration period.
  • All necessary resources and budget will be available for the project.
  • Third-party vendors (Paymentus and LendingPad) will cooperate fully during integration.
  • Clients will not experience any service disruptions during the migration.
  • The project timeline is feasible and will be adhered to.

8. Constraints

  • The project must be completed by New Year's Eve, 2024.
  • The existing legacy system is over 30 years old and may have limitations.
  • Budget constraints may affect the scope and resources available for the project.
  • Regulatory and compliance requirements must be strictly followed.
  • Integration with third-party vendors must be seamless and timely.

9. Risks

  • Potential data loss or corruption during migration.
  • Incompatibility issues between Temenos' Transact and third-party systems.
  • Delays in the project timeline due to unforeseen technical challenges.
  • Client dissatisfaction due to perceived or actual service disruptions.
  • Budget overruns due to unexpected costs.

Prepared by: Mike Meier

Email: mikemeier@mad-tech.ai

Date: 10/10/2024

Document Link
Test Republic Transact Implementation 2 Project Vision Document