One of the main projects included in the renewal programme, VPS 2.0, is the renewal of IT and service platforms, including the core system. The latter is far from the major part of the project. Although the agreement with Percival in terms of development of a new core system has been cancelled, other parts of the system renewal, as mentioned in the attached press release, will continue and also be somewhat stepped up.
In the autumn of 2015, VPS received a first version of Percival solution. During testing VPS found that the solution did not satisfy the agreed technical requirements that would ensure operational stability, reliability and performance. Unfortunately VPS ascertained that the supplier has not succeeded in rectifying the identified shortcomings and to establish a satisfactory technical platform would require unacceptable resources and time. The Board of Directors of VPS therefore decided to cancel the agreement with Percival.
VPS will finalise the ongoing modernisation of the VPS value added systems such as the solution for general meetings, the share savings programme, portal solutions, etc. Furthermore, VPS will continue to phase out the proprietary messaging formats and implement modern solutions for standardization of ISO messaging communication, both with the use of ISO15022 and ISO20022 formats. Technical requirements resulting from the new European regulation (CSDR) will be developed in the existing VPS core system. In parallel with this development work, VPS will simplify the core system itself to ensure that a future project to modernise it will be smaller in scope and involve less risk.
As stated above, VPS will continue most of the renewal programme, VPS 2.0, with the objective to create value for customers in the daily operations, but also in order to attend to future requirements.
Read the press release VPS ends its agreement with Percival CSD Partners AS