- 70k+
- member accounts migrated
- ~$73M
- in funds transferred over a few weeks
- >50%
- of total account volume at the time
- ~9 mo
- from design to launch
- $1B+
- in annual transactions on the new platform
- Live
- accounts stayed transactable throughout
The challenge
Swap the engines mid-flight
A member-based financial services organization needed to move the virtual bank accounts of more than 70,000 members off a vendor platform and onto a financial institution, along with nearly $73M in funds, while members kept transacting against those accounts.
More than half the business at stake
The 70k accounts were more than half of the organization's total account volume at the time, making this a very high-risk operation where any failure would have a real financial impact.
Constraints
A fixed, short timeline
The vendor contract was not being renewed, leaving roughly nine months to design, build, validate and implement the new system.
No room for downtime
Members had to keep transacting against their accounts throughout, and the organization could not afford any significant downtime.
Our approach
Design the target system
We designed and co-built a new backend financial system to take over the accounts and funds from the vendor platform, and led its execution from architecture through launch.
Keep accounts live
The migration was planned so members could keep transacting against their accounts while accounts and funds moved.
Build for what comes next
Rather than a one-off migration, the infrastructure was purpose-built for future expansion and for control of all of the organization's financial transactions.
Validate before moving money
We oversaw development and testing end to end, and completed validation of the system before any funds were transferred.
The outcome
Delivered within the timeframe
A highly complex implementation shipped within the time allotted, on robust infrastructure purpose-built for future expansion.
All funds transferred
After validation, all funds were successfully transferred to the new iFBO accounts over the course of a few weeks, with accounts remaining transactable.
Control of $1B+ a year
The new platform provides control over all of the organization's financial transactions, totaling more than $1B annually.