25,000 deposit migrations, zero errors
The takeover of Credit Suisse by UBS required 25,000 depositary bank links associated with 55 share registers to be transferred during five heavily scheduled migration days. Total concentration was essential. Finally, after the transfer, the data had to be consistent throughout: at UBS, SIX SIS and in the Nimbus share register. Nimbus ran the process automatically using a solution developed in-house – as a complimentary service for its clients.
A unique software solution designed for exceptional circumstances
For all shareholders holding a Credit Suisse securities account, depositary bank links had to be migrated to UBS. This affected approximately 25,000 deposit transfers. Manual processing would have been too time-consuming and prone to errors. In addition, migration was due to take place during five days pre-defined by UBS. For Nimbus, it was clear that tackling such a challenge successfully was only possible through automation.
Nimbus’ engineering division therefore designed a bespoke application to process the deposit transfer automatically and ensure that the data were consistent between UBS, SIX SIS and the relative share register.
Services that exceeded expectations
However, developing software only was not enough. Hanspeter Knill prepared the data provided by UBS for automated processing. The IT team monitored the migration process and checked the results. Simultaneously, Emil Aschwanden coordinated the entire procedure with the companies involved: from announcing the relevant migration process to clearing the share registers on successful completion.
For Nimbus, assuming responsibility is not limited to delivering the software: the team also assists clients when unexpected challenges arise and pragmatic solutions need to be found quickly.
Five days of migration, five times zero errors
Each and every migration day required total concentration and a perfectly synchronized cooperation between various specialist teams. The result is impressive: the whole process ran smoothly – no stuttering, not a single error. An extraordinary joint performance Nimbus is proud of.
Above all, however, it is an example of the quality clients can expect from Nimbus: reliability, technical expertise… and the comforting certainty to be in the best of hands even when tackling exceptional challenges.
Why was it necessary to migrate 25,000 deposits?
The takeover of Credit Suisse by UBS required numerous depositary bank links associated with the share registers to be updated. These changes affected not only share registers kept by Nimbus, but also those managed by the companies themselves, using NIMBUS AR.
Why did Nimbus design a customized migration solution?
Processing approximately 25,000 deposit updates manually would have been time-consuming and prone to errors. This is why Nimbus developed an application that automated the entire migration process: precisely, securely and efficiently.
How does Nimbus ensure data quality when conducting this kind of migration?
While migration itself runs automatically, the entire procedure is being monitored and checked by seasoned specialists. All the data are being cross-checked to ensure that the information is perfectly consistent across all locations: UBS, SIX SIS and in the relevant share register.
What were the benefits for Nimbus clients?
The companies were not required to carry out their own migrations and were able to rely on an error-free process. Nimbus took charge of planning, communication, data preparation and migration as a free service.
What does this migration tell us about Nimbus?
Successful running of 25,000 depositary bank link migrations shows that Nimbus can tackle extraordinary challenges quickly, reliably, and with a high level of technical expertise. Customers benefit from the team’s long-standing experience, especially where sensitive data and complex processes are concerned.