Treasury Technology
Published  16 MIN READ

We Need a Better Solution: A Treasurer’s Legacy Tech Escape Plan

The phrase ‘legacy technology’ may invoke images of ancient and unstable IT systems that must be replaced as soon as possible. But is this always the case, and how easy is it to move away from such systems? We sought views from a number of specialists.   

Although the notion of ‘legacy technology’ makes for a rather open interpretation, it has at least one consistent characteristic, notes Kevin Heins, Global Head of Advisory and Complex Client Solutions, GTS, Bank of America. “It says outdated and potentially obsolete software and technology, where the underlying architecture may limit the expansion of purpose of the original application.”

It’s a view shared only in part by Adrian Rodgers, Director, ARC Solutions. He contends that “legacy technology is not automatically a negative”, but qualifies this by asserting that the critical part of his definition is whether or not the original vendor has kept their software up to date, particularly in terms of enabling connectivity to newer systems.