DCV Evolution, our transformation strategy
The Depósito Central de Valores (DCV) is living one of the biggest changes in its 26 years of history. It involves the DCV Evolution (DCVe) project, which involves not only the transformation of the Company’s technological platform, but also a review process, which aims to meet the new challenges of the financial market. In its technological phase, the project is being carried out jointly with Nasdaq, one of the principal suppliers and leaders of technology worldwide.
Rodrigo Roblero, Planning, Finance and IT Manager at DCV, explains that this project began to take shape 4 years ago. At that time, the Company decided to join the global trend and begin the process of finding a strategic partner in technology (not a supplier) to accompany DCV in its challenge. After an exhaustive selection and analysis process, it was decided to move forward with Nasdaq for the implementation of the project.
The project includes 4 central guidelines: minimum impact for clients; DCV will adapt its productive and operational processes, providing constant and timely information and, finally, assuming that this transformation will affect the entire market and that we must move forward together.
DCVe will generate benefits for the entire Chilean capital market, modernizing the systems linked to the securities custody and settlement service, incorporating the best international practices in this area; performance, scalability, redundancy, resilience, agility, simplified processes, among others. It also includes access to world-class technologies, as far as the securities depository industry is concerned, and introducing the vision of a relevant participant of the financial industry, providing access to the constant renewal of services for the Chilean market.
The work for this transformation process has not stopped in recent years. In reality we have already received 60% of the new Core system, with very good acceptance rates. The construction work is expected to be completed in December of this year, and then continue with a series of integration, internal testing, process transformation, education, training and market testing activities. The last stage of the process - November 2020 - is the so-called “zero day” where we hope to begin operating the new system.
More than a year to this “zero day”, the DCV is carrying out a familiarization stage that includes meetings with all clients. The objective is to show the progress status of the project, the upcoming activities, receive concerns and bring users closer to what the new user experience will be.
In order to accompany our clients in this process, each company will have an implementation executive, responsible for successfully carrying out each of the stages of the project. “Our goal is that this technological transformation is very secure and close to our clients, and results in a success for the Chilean capital market,” added Roblero.