Banking system software architecture

Microservice architectures also encourage the exploration of niche markets by making it quick, easy and affordable to integrate single-purpose software which can be targeted toward particular domains. Cutting Costs and Reducing Risk A decentralized architecture provides all the same services as a centralized bank, but without the middlemen. Smart contracts and P2P lending cut costs and guarantee security without affecting the quality of service.

Also, implementing a wide range of services renders the likelihood of complete failure of the core banking system near-to-zero as the services are independent of one another. Different architectures offer different advantages in different contexts. For instance, a monolithic approach would be a good choice for back-office tasks. Whereas, for client-facing tools like e-banking and smartphone apps, a microservices approach would be good because it offers customers several options.

Microservice applications are stripped down to their basic, independent components, so many negative issues can be addressed in isolation.

Which to Choose? Both approaches can be aligned in an efficient banking system. Core banking data and back-office tasks can be integrated into a monolith system. Then data can be exposed to several microservices performing state-of-the-art tasks. One can do risk analysis and portfolio optimization while the other looks after e-banking. The best way to decide which approach is the best fit for your situation, is to work with an implementation partner like Luxoft Financial Services that has extensive experience with the main core banking software: Avaloq, Temenos and IBIS3G, in addition to Murex and so on.

A collaborative and insightful partner that really knows the digital banking business. Share content:. Among the above evaluation techniques scenario based evaluation is a prominent and majorly adopted so far among the architects. The SA evaluation methods mostly resemble each other structurally but incorporate various differences in their activities. This paper focuses on evaluation of a pattern oriented software architecture using scenario-based methods. The modern SA is often composed form architectural styles and design patterns in order to handle different quality attributes.

They assume that the strength and weakness of SA building blocks are already known. This paper deals with evaluation of pattern oriented software architecture of an e-banking system.

First phase of this paper inculcates about the patterns identified in the e- banking system after undergoing proper survey. These patterns hold their base from the GOF design patterns. They are meant to facilitate reusability which is the major concern of applying patterns and also other quality.

Second phase of this paper focuses on the evaluation of the patterns by using scenario-based evaluation technique. Scenario is elicited based on the identified patterns and a weight age is assigned based on the interaction among the scenarios.

A final conclusion is made by comparing the assigned weight age of an architecture in which the patterns are applied and the existing architecture. In software engineering, a software system deals with both functional and non-functional quality requirements.

The functional quality requirement defines a function of the software system or its components. They may be any data manipulation, processing, calculation and other specific functionality which defines what a system is supposed to achieve. Functional requirements are supported by non-functional requirements, which are also known as quality requirements.

The non-functional requirements impose constraints on the design or implementation such as performance requirements, security or reliability.

The implementation of functional requirements is detailed in the system design, while that of non-functional requirement is expressed in the software architecture [7]. A pattern in software engineering has four essential elements such as pattern name, problem, solution, consequences. In software engineering design patterns are classified into creational, structural and behavioural patterns also known as Gang of Four pattern GoF.

And then further their scope is sub- divided into classes or objects. Creational pattern deals with the process of object creation. Structural pattern deals with the composition of classes or objects. Behavioural pattern is regarding interaction among the classes or objects and their responsibilities [12]. The above categorization of patterns lays the foundation for other patterns.

Pattern mining has been undertaken in internet banking system using BPM, which is used to analyze the processes in e-banking and then the cross-cutting concerns are applied. This paper deals with the evaluation of the following patterns in internet banking system. The patterns mined have their base from the GoF Gang of Four design patterns.

Behavioral pattern deals with the interaction and responsibility between the objects. Visitor pattern eases the process of defining new operations. It represents an operation performed on the elements of an object structure. New operations can be added without changing the class to which an element belongs.

In e-banking, enquiry pattern deals with enquiry of various statements like mini- statement enquiry, credit-card statement enquiry and so on. Various kinds of enquirers can be handled by a single visitor class. Strategy pattern in meant for implementing interchange algorithms depending upon the client. It defines a family of algorithms and make them interchangeable. In e-banking, money transfer deals with implementing different types of money transfer. A real-time processing engine of SDK.

This banking software is flexible and high scalable for the fast-growing banks and financial companies. Currency exchange is a part of the product. Check out this demo video to learn more about the SDK. Fraud Prevention, Anomaly Detection in payments are among the latest developments. After over 25 years of providing best-selling bank software for financial institutions, Temenos boasts unbeatable experience and a wide range of system integrations. The banking software platform is designed to help retail, corporate, and private banks manage transactions, risk, enterprise credit, and much more.

It offers T24 banking software. Their expertise allows them to be in top 10 banking software companies. As a relative newcomer, core banking software vendor Mambu has established itself as a rapidly growing supplier of banking solutions. Today, the Berlin-based start-up services over banks, fintech, and telecom companies with over 14 million end-users being one of the active digital banking platform providers. Mambu helps top financial software companies like Santander, N26, and Orange to rapidly design, launch, and scale their digital-first banking and lending services.

Besides its cloud approach, Mambu provides its clients with tools to build, integrate, and launch any lending portfolio. Since its launch in , Backbase has been helping banks develop a compelling experience on digital channels.

Today, the company impacts over 90 million end customers daily. An in-depth focus on customer experience management and unparalleled speed of implementation place Backbase among highly rated digital banking vendors. The comprehensive, interoperable, and modular bank software addresses core banking needs, enables knowledge workers, and reduces time-to-market for new products.

Finacle , developed by Infosys is one of the cloud-based core banking solutions that helps financial institutions modernize their cloud-based banking services. With open APIs, embedded customer insights, and a real-time processing engine, Finacle banking systems software offers a comprehensive set of features that are sure to accelerate innovation-led growth. The highly modular solution was designed to speed up the production of new products and accelerate digital adoption.

A trusted partner to over 1, clients, Finacle delivers faster, safer, and fully personalized core banking services being one of the prominent core banking solutions vendors. With clients in countries worldwide and one of the broadest sets of financial software solutions on the market, Finastra is able to serve all functions of all types of financial institutions. It makes the company one of the interesting core banking system software vendors.

FIS is an American company that offers a wide range of financial products and services. FIS was founded in as Systematics. FIS is among digital banking platform providers with a variety of different products. Forbis is an IT company working on various products in the finance industry.

It focuses on the digitalization of the banking process and related products. The company also provides consultations and training on core banking development as supplemental services. It is a cloud-based core banking SAAS solution for account management, payments, deposits, currency exchange, etc.

However, it is hard to predict whether all of its products work accordingly in any other region. Securepaymentz is one more company that offers a core banking solution for the market. It develops the platform for virtual banking. The platform has all common features for money operations, accounts administration, and currency exchange.

The company states that this financial platform is flexible and easy to install on your server.