The majority of the world’s financial transactions take place on mainframes and in programs written in COBOL. It is difficult to find specialists to work on these programs. A Swiss startup, LzLabs, now has a solution to the problem of multiple COBOL applications running on mainframes.
The maintenance of such legacy systems is becoming increasingly difficult because of the lack of COBOL-skilled labor. As Version2 readers know, COBOL was developed in the late 1950s and was used extensively in the following decades. But you are stuck if you want to move data and applications onto a more modern platform, writes TechCrunch. And that is relevant for many organizations, especially in the financial industry, with 70 percent of the world’s financial transactions still running on mainframes.
“There is an acute shortage of professionals that can maintain the code on legacy mainframes. It is a huge problem finding people to keep systems running,” says LzLabs CEO, Mark Cresswell, according to TechCrunch.