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Bendigo and Adelaide Bank Partners with MongoDB to Modernize Core Banking Technology Using Generative AI

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3 months ago

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Australia’s most trusted bank is using MongoDB Atlas and generative AI to significantly reduce costs and accelerate customer-focused innovation

NEW YORK, June 13, 2024 /PRNewswire/ — MongoDB, Inc. (NASDAQ: MDB) today announced that Bendigo and Adelaide Bank (ASX: BEN) has partnered with MongoDB to modernize its core banking technology with MongoDB Atlas as the keystone of an ambitious application modernization initiative. During the initiative, the bank:

Reduced the development time required to migrate a core banking application off of a legacy relational database to MongoDB Atlas by up to 90%.Migrated onto MongoDB Atlas at one-tenth of the cost of a traditional legacy-to-cloud migration.Automated repetitive developer tasks with new AI tooling in order to accelerate developers’ pace of innovation. For example, AI-powered automations reduced time spent running application test cases from over 80 hours to just five minutes.

In less than three months, the bank modernized its Agent Delivery System, a legacy retail banking application, on MongoDB Atlas with the help of MongoDB Relational Migrator and generative AI-assisted modernization tools. The Agent Delivery System is a retail teller application for the bank’s agent branches, and is used in communities where digital banking functionality is made available from non-bank businesses, like newsagents or pharmacies. Prior to partnering with MongoDB, the bank ran the system on a legacy relational database that lacked the flexibility to easily evolve to reflect the complex data mapping requirements that today’s modern applications demand. Because of these database-related challenges, the bank’s analysts and developers were committing significant effort to complex database management tasks in order to keep the application running.

As a technological leader in the Australian financial services market, Bendigo and Adelaide Bank was eager to enable its developers to focus on more meaningful innovation so the bank could remain agile in a fast-moving market. To do so, the bank decided to modernize its Agent Delivery System to make it easier for its developers to work with data and create innovative, accessible banking services. Specifically, the bank sought to adopt a new microservices architecture to help integrate its data and a robust API ecosystem—a series of connective mechanisms that enable easy data exchange—to facilitate fast, easy data flow between the bank’s applications, third parties, and consumers.

The bank chose MongoDB Atlas as the underlying platform for its tech stack because of the high levels of security and reliability offered by MongoDB Atlas, its ability to manage the bank’s real-time, operational data on a unified platform, and because of the intuitive developer experience offered by MongoDB’s document model, which maps to how developers think and code, enabling them to build applications faster.

To migrate the Agent Delivery System to MongoDB Atlas, the bank deployed MongoDB Relational Migrator—a tool that helps customers eliminate barriers like time, cost, and risk frequently associated with cloud migrations—to expedite codebase analysis, service decomposition, and application refactoring, ensuring a secure and efficient migration. MongoDB Professional Services worked with Bendigo and Adelaide Bank to create customizable generative AI tooling, including scripts and prompts tailored for the bank’s unique tech stack, which accelerated the modernization process by automating integration testing and code generation for seamless deployment of the new Agent Delivery System’s microservices architecture. Legacy migrations can otherwise be long, expensive processes, but these solutions enabled Bendigo and Adelaide Bank to complete the migration with 90 percent less human effort and at one-tenth of the cost of a traditional legacy migration.

With this migration, Bendigo and Adelaide Bank has eliminated volumes of routine code writing and programming work with automated generative AI tooling, which has empowered the bank’s developers to innovate with increased agility and more quickly deploy highly-available and performant application features that enhance end-user experiences.

“This migration was an enormous step forward in our transformation journey and a perfect marriage of people smarts and tech smarts. It’s an investment in our customers,” said Andrew Cresp, Chief Information Officer at Bendigo and Adelaide Bank. “Now, our lean, highly skilled team can ask MongoDB Atlas and the generative AI tooling MongoDB’s Professional Services team built for us to do really smart things, leaving our developers free to focus on other ways they can deliver great outcomes for our customers. We’ve started by modernizing our most critical applications, and next, we intend to tackle a number of other outdated legacy applications across the bank, putting us on track to meet our target of 50 percent of our critical workloads in the cloud by the end of the year.”

“It’s important that MongoDB empowers its customers to modernize with applications that are not just future ready, but future-defining. This is paramount for financial institutions, who need to transform quickly and take advantage of advancements like generative AI to best serve their customers,” said Simon Eid, Senior Vice President, APAC at MongoDB. “Applying the power of AI to Bendigo and Adelaide Bank’s migration process was game-changing. MongoDB looks forward to helping more customers quickly and easily ditch the rigid legacy technology that is slowing them down to achieve all the benefits a modern technology stack can bring to their businesses.” 

About MongoDB Atlas
MongoDB Atlas is the leading multi-cloud developer data platform that accelerates and simplifies building modern applications with a highly flexible, performant, and globally distributed operational database at its core. By providing an integrated set of data and application services in a unified environment, MongoDB Atlas enables development teams to quickly build with the security, performance, and scale modern applications require. Millions of developers and tens of thousands of customers across industries—including Cisco, GE Healthcare, Intuit, Toyota Financial Services, and Verizon—rely on MongoDB Atlas every day to innovate more quickly, efficiently, and cost-effectively for virtually every use case across the enterprise. To get started with MongoDB Atlas, visit mongodb.com/atlas.

About MongoDB
Headquartered in New York, MongoDB’s mission is to empower innovators to create, transform, and disrupt industries by unleashing the power of software and data. Built by developers, for developers, MongoDB’s developer data platform is a database with an integrated set of related services that allow development teams to address the growing requirements for today’s wide variety of modern applications, all in a unified and consistent user experience. MongoDB has tens of thousands of customers in over 100 countries. The MongoDB database platform has been downloaded hundreds of millions of times since 2007, and there have been millions of builders trained through MongoDB University courses. To learn more, visit mongodb.com.

About Bendigo and Adelaide Bank
Bendigo and Adelaide Bank is Australia’s better big bank, with more than 7,000 staff helping our 2.5 million customers to achieve their financial goals. Bendigo and Adelaide Bank’s vision is to be Australia’s bank of choice, by feeding into the prosperity of customers and their communities.

Forward-looking Statements
This press release includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements concerning MongoDB’s partnership with Bendigo and Adelaide Bank and the application modernization initiative. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “would” or the negative or plural of these words or similar expressions or variations. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and are subject to a variety of assumptions, uncertainties, risks and factors that are beyond our control including, without limitation: the effects of the ongoing military conflicts between Russia and Ukraine and Israel and Hamas on our business and future operating results; economic downturns and/or the effects of rising interest rates, inflation and volatility in the global economy and financial markets on our business and future operating results; our potential failure to meet publicly announced guidance or other expectations about our business and future operating results; our limited operating history; our history of losses; failure of our platform to satisfy customer demands; the effects of increased competition; our investments in new products and our ability to introduce new features, services or enhancements; social, ethical and security issues relating to the use of new and evolving technologies, such as artificial intelligence, in our offerings or partnerships; our ability to effectively expand our sales and marketing organization; our ability to continue to build and maintain credibility with the developer community; our ability to add new customers or increase sales to our existing customers; our ability to maintain, protect, enforce and enhance our intellectual property; the effects of social, ethical and regulatory issues relating to the use of new and evolving technologies, such as artificial intelligence, in our offerings or partnerships; the growth and expansion of the market for database products and our ability to penetrate that market; our ability to integrate acquired businesses and technologies successfully or achieve the expected benefits of such acquisitions; our ability to maintain the security of our software and adequately address privacy concerns; our ability to manage our growth effectively and successfully recruit and retain additional highly-qualified personnel; and the price volatility of our common stock. These and other risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in our Annual Report on Form 10-Q for the quarter ended April 30, 2024, filed with the SEC on May 31, 2024, and other filings and reports that we may file from time to time with the SEC. Except as required by law, we undertake no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.

MongoDB media inquiries
press@mongodb.com

Bendigo and Adelaide Bank media inquiries
PublicRelations.Mailbox@bendigoadelaide.com.au 

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SOURCE MongoDB, Inc.

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HUAWEI CONNECT 2024 | Huawei Unveils the Brand-New Xinghe Intelligent Fabric Solution, Powering the AI Era

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14 mins ago

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September 21, 2024

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SHANGHAI, Sept. 21, 2024 /PRNewswire/ — At HUAWEI CONNECT 2024, over 300 industry leaders, experts, and scholars gathered for the data center network session themed “Xinghe Intelligent Fabric, Powering the AI Era.” The event featured discussions on the evolution and technological advancements of data center networks. During the session, Arthur Wang, President of Data Center Network Domain at Huawei’s Data Communication Product Line, introduced the newly upgraded Xinghe Intelligent Fabric solution. This cutting-edge solution aims to establish a data center network characterized by one map for intelligent operations and maintenance (O&M), one network for diverse computing, and one platform for simplified deployment, providing a robust network infrastructure to support enterprises’ digital and intelligent transformations.

In his keynote speech, Arthur Wang outlined the emerging trends in data center network development. He emphasized that in the AI era, data center networks require both a “brilliant brain” and “resilient bones.” The newly launched Xinghe Intelligent Fabric solution is designed to deliver a powerful network infrastructure tailored for the AI era, featuring:

One Map for Intelligent O&M: Zero Management Concerns

Huawei’s exclusive network digital map enables rapid cross-data center and cross-vendor fault identification within minutes. Additionally, the NetMaster network large model facilitates AI-driven O&M, eliminating manual intervention and ensuring zero management concerns.

One Network for Diverse Computing: Zero Service Interruptions

The Xinghe Intelligent Fabric supports various application scenarios, including intelligent computing, general-purpose computing, and storage. The innovative Network Scale Load Balancing (NSLB) algorithm increases network throughput to 95% and boosts AI training efficiency by over 10%. With the exclusive iReliable three-level fast switchover capability, it achieves sub-millisecond switchover, guaranteeing zero service interruptions.

One Platform for Simplified Deployment: Zero Configuration Errors

By employing digital twins to simulate networks in advance and verify configurations post-deployment, the solution ensures 100% accuracy in network changes. By harnessing network-security convergence capabilities, AI creates an intelligent security matrix to analyze millions of security policies, achieving zero configuration errors.

Looking ahead, Huawei will continue to collaborate with industry partners to enhance research and innovation in data center networks, promote intelligent upgrades, and create greater value for the industry.

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SOURCE Huawei

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Cultivating a Culture of Peace: International Day of Peace Statement by Education Cannot Wait Executive Director Yasmine Sherif

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3 hours ago

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September 21, 2024

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NEW YORK, Sept. 21, 2024 /CNW/ — The longing for peace transcends time, geography and religion. Based on justice, human rights and universal values outlined in the UN Charter, a culture of peace brings us all together in our common agenda for humanity. We can only co-exist by aligning ourselves with such a world order.

On today’s International Day of Peace, we call on world leaders to end conflict and embrace a culture of peace as enshrined in the UN Charter and related international law.

As the UN General Assembly outlined in the Declaration and Programme of Action on a Culture of Peace  a quarter of a century ago, this must include: “Respect for life, human rights and fundamental freedoms; the promotion of non-violence through education, dialogue and cooperation; commitment to peaceful settlement of conflicts; and adherence to freedom, justice, democracy, tolerance, solidarity, cooperation, pluralism, cultural diversity, dialogue and understanding at all levels of society and among nations.”

Educating for peace starts at home and continues in school through years of education. This takes place during the most formative years of a child learning about their identity, ethics, values, conscience, courage and compassion. Wherever there has been a failure in imparting on children the imperative for peace, the world is turned upside down. This is a global failure with no geographical boundaries.

Today, we live in a world of unprecedented violence, armed conflict and chaos. All the genuine and heartfelt commitments made in 1945 in the UN Charter seem to be fading away. Children and adolescents are the most vulnerable, the least protected, and the most impacted. They bear the brunt. 

Global conflicts killed three times as many children in 2023 than in the previous year, according to the United Nations. The number of forcibly displaced people reached an unprecedented 120 million in May 2024.

“In 2023, the United Nations verified a record 32,990 grave violations against 22,557 children in 26 conflict zones, a 35% increase from the previous year,” according to recent analysis by the UN.

We can end these violations and invest in a constructive co-existence globally. We can use our resources for education, rather than for wars. In classrooms around the world, girls and boys who have withstood the wrath of war can rebuild their hopes and their lives. Cultivating a culture of peace is possible. The financial resources exist. The choice as to how we use them is ours.

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SOURCE Education Cannot Wait

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Niutech at the Forefront: U.S.-China Circular Economy Forum Tackles “White Pollution”

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7 hours ago

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September 21, 2024

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BEIJING, Sept. 20, 2024 /PRNewswire/ — On September 6, 2024, the inaugural U.S.-China Circular Economy Cooperation Forum was held in Beijing. The forum, guided by the U.S.-China Climate Action Working Group Circular Economy Task Force, was co-organized by the China Circular Economy Association and the US-China Business Council. The forum brought together approximately 460 distinguished guests from the National Development and Reform Commission of China, the Ministry of Foreign Affairs, the Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, the Ministry of Housing and Urban-Rural Development, the Ministry of Commerce, the General Administration of Market Regulation, the US State Department, the US Department of Energy and other government departments, as well as industry experts, business representatives and scientific research institutions of the two countries. As the domestic leader in continuous pyrolysis technology, Niutech was invited by the China Circular Economy Association to attend the forum and gave an insightful speech on the topic of waste plastic recycling, and the issues of ‘white pollution’ that can result from it.

Enhancing Quality and Efficiency in the Circular Economy with Innovative Forces

The forum was strategically designed to advance the goals outlined in the U.S.-China “The Sunnylands Statement on Enhancing Cooperation to Address the Climate Crisis” (hereinafter referred to as the Sunnylands Statement). It aimed to create a collaborative platform for the business community, social organizations, and research institutions from both countries to foster exchanges and drive tangible cooperation in the circular economy.  

Zhao Chenxin, Deputy Director of the National Development and Reform Commission, John Podesta, Senior Advisor to the U.S. President on International Climate Policy, Liu Zhenmin, China’s Special Envoy for Climate Change Affairs, Nicholas Burns, U.S. Ambassador to China, and Xie Zhenhua, former Special Envoy for Climate Change Affairs of China, attended the opening ceremony of the Forum and delivered a speech, and Xie Feng, Chinese Ambassador to the U.S., made a video message. Deputy Director Zhao Chenxin said that addressing climate change is a common cause for all mankind and cannot be separated from the cooperation between the two global forces, China and the United States.

The China-US Circular Economy Cooperation Forum, held as an initiative to implement the Sunnylands Statement, marked another significant milestone in China-US cooperation on the circular economy. This collaboration is crucial for both nations as they join forces to tackle the climate crisis. On the afternoon of September 6, the forum organized four parallel meetings, where representatives engaged in in-depth exchanges on topics such as using the recycling economy to reduce greenhouse gas emissions, promoting the application of recycled materials, addressing plastic pollution and enhancing recycling, and increasing the recycling value of waste in the context of new industries and consumption patterns.

Niutech: International Experts on Continuous Pyrolysis Technology and Pioneers in solving the global “white pollution” problem

Globally, hundreds of millions of tons of waste plastics are generated annually, yet only about 30% undergo recycling. Traditional physical methods are typically limited to high-value, single-category, and relatively clean waste plastics. However, repeated recycling can degrade the quality of the plastics. Chemical recycling, on the other hand, offers a transformative approach by converting waste plastics into high-value products or fuels through chemical processes, thus overcoming the limitations of physical recycling.

Pyrolysis technology, a cornerstone of chemical recycling, addresses the challenges associated with the material recycling of waste plastics. It is adept at processing various types of low-value, mixed, and contaminated waste plastics. The products of pyrolysis can be further processed to manufacture new plastics, achieving a closed-loop system where waste plastics are repurposed into high-value new plastics. This not only retains the material’s utility at a high level but also converts “white pollution” into a “white oil field,” signifying a major shift in the management and valorization of plastic waste.

At the forum, as the international expert in continuous pyrolysis technology, the corporate representative of Niutech shared the cases of waste plastic chemical recycling projects deployed with international giants BASF and Quantafuel in Denmark, Thailand and other countries. Niutech has developed its own pyrolysis technology and equipment, which they fully own the intellectual property rights to. This technology enables the transformation of low-value, mixed, and contaminated waste plastics—including various polymers such as PP, PE, PS, ABS—into high-quality fuel oil.  

The fuel oil derived from this process can undergo further refining into naphtha, a critical raw material in the production of new plastics. This advanced recycling process not only diverts plastics from landfills and the environment but also contributes to a circular economy by turning waste into a valuable resource.

In the future, Niutech will continue to champion the principle of “green, recycling and low-carbon” waste plastics pyrolysis. Armed with advanced technology, reliable equipment, abundant high-value solutions and proven experience, Niutech is committed to enhancing communication and cooperation with domestic and foreign partners. Together, they will drive forward the chemical recycling of waste plastics and the sustainable development of the global waste plastics recycling industry.

 

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SOURCE Niutech

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