COBOL remains widely and actively used across the financial system, with no good plan for transitioning to modern codebases, nor for keeping a viable coder workforce active. That’s a problem, because while some schools still teach COBOL and many outsourcing firms train employees in it to meet their employers’ needs, it’s not enough. Someone has to maintain an estimated hundreds of billions of lines of COBOL that remain in use, with billions more being written each year for maintenance and new features.
Global Banking & Finance Review: LzLabs appoints Colin Gray as Senior Vice President of Global Sales
LzLabs today announced that it has appointed Colin Gray as Senior Vice President (SVP) of Global Sales. Colin brings with him over 25 years of leadership experience in both start-up and established business environments and joins LzLabs to drive global commercial opportunities as the organization continues to build on its European customer base.
Finextra: Will PSD2 and FinTech Competition Present Insurmountable Tech Pressures for Big Banks?
The challenge for many financial organisations, when enhancing digital services, is that the well-established portion of the financial industry, much like the global public sector, remains awash with legacy systems born during the first financial tech revolution of the 1960s and 1970s. These systems continue to support business models built well before the internet; when consumer banking was provided by branches and ATMs. It is estimated that over 70 per cent of global transactions are ultimately processed by mainframe applications running on COBOL code, many of which were written over half a century ago. Against this backdrop, born-on-the-web FinTech competitors continue to gain market share over traditional players, energised by systems that have open-source and the cloud at their core.
Financial IT: Investment Bank Edmond de Rothschild Moves off Mainframe with LzLabs
LzLabs today announced Edmond de Rothschild (Suisse) S.A., the investment house, as its latest customer. Using LzLabs technology, Edmond de Rothschild (Suisse) S.A. has completed a project to move its legacy core mainframe system to a Linux-based alternative, running on x86 servers.
Finextra: Edmond de Rothschild banks on LzLabs for modern mainframe alternative
LzLabs today announced Edmond de Rothschild (Suisse) S.A., the investment house, as its latest customer. Using LzLabs technology, Edmond de Rothschild (Suisse) S.A. has completed a project to move its legacy core mainframe system to a Linux-based alternative, running on x86 servers.
