This case study highlights how, post-merger, a leading bank accelerated the consolidation of accounts and retired its legacy Employee Stock Option Trading Platform with iceDQ.
Download the full case study to see how iceDQ ensured seamless data migration with 100% test automation and significant cost savings.
Companies often provide stock options to their employees as compensation or bonuses. The administration and management of Employee Stock Option Plans can be complex and difficult. To address these challenges, various banks offer ‘Stock Plan Trading Platforms’ for companies and their employees
Some of the features of the ESOP trading platforms are:
– Employee Stock Purchase Plans (ESPP).
– Equity and ESPP financial reporting solutions.
– Manage ASC 718 compliance.
– Mutual fund and equity/ETF trading.
– Cash transactions like debit, direct deposit, etc.
In 2020, a leading global bank acquired a discount brokerage firm, each having their own Employee Stock Plan Trading platform.
Post-merger, it became clear that managing two separate Employee Stock Plan platforms was inefficient. To streamline operations, the decision was made to sunset one platform and systematically transition companies and their employees
to the acquired platform.
The migration involved comprehensive application testing, with data migration being a significant focus to ensure seamless integration and accuracy across systems.
iceDQ, an automated data testing platform, facilitated data migration testing with its out-of-the-box connectivity to files, DB2, and data lakes. It ensured data accuracy at scale through automated complex checks and reconciliation across different environments, with impressive results:
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The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
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