FinTech Platform With

Microservices

How we built the most scalable online banking platform with Microservices 

The Story

Our client is a platform provider which means that the core system is being used by numerous banks across the globe, serving millions of customers. It was started more than five years ago and faces typical problems of rapid expansion: lack of platform scalability and disorganized development processes.

As it usually happens, these problems lead to an inability to land and serve more customers, to maintain the quality of service, to effectively respond on customer’s demands and, after all, putting most of the resources on the regular maintenance instead of further development. Situations like this prevent companies from growth and reaching new heights making the platform too expensive to maintain and expand, sluggish to innovate and, finally, to lose all of the competitive advantages.

 

The platform in our case was built using the outdated technologies and, worst of all, with the system architecture being a complete mismatch with the business requirements.

The Solution

We were able to turn the tide and, after completion of business and technical review, there was a solution to meet all of the requirements.

The new banking platform is now built using the microservices approach, where there is no single back-end system to handle all operations and, instead, it was split with multiple services that handle all core functions. This architecture solves one of the core problems our client faced with - product scaling.

Being used by Uber, Netflix, Linkedin and many other rapidly growing companies it proved to be a good solution to address the scalability issues. Special attention to security was paid as well, the system by its architecture is PCI compliant which means that it can effectively deal with all the threats related to data storage, processing, encryption and the secure communication.

The Outcome

  • Highly-scalable system that can be expanded and maintained with 60% less resources required.

  • Reliable back-end on top of AWS using the microservices architecture.

  • Secure and PCI-compliant solution.

  • The platform can serve more customers while being faster and more reliable.

  • Can be crafted to meet demands of more clients with less coding work involved.

Download the whitepaper to know how to build agile FinTech platforms with microservices.

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Thinking of building a Fintech platform or do you need to upgrade your current one?
How can we help with your project? 
Does it fit my business
Is it cost-effective

Look no further, you have come to the right place. We have a great experience when it comes to building Fintech platforms, it can be simple cryptocurrency exchanges, advanced payment systems or complete banking solutions.

Our mission is to help established finance organizations to sustain innovation challenges by delivering a unique set of tools and technologies. The core idea of our solution is to make monolithic legacy
platforms more scalable and cost-effective by introducing the Microservices.

Microservices, of course, is not a cure-all. In many cases, the most important thing that is required to be revised are the business processes and your mindset. Business is a race like it’s always been, and the most
important thing for both race drivers and entrepreneurs is the vision that makes you to move into the right direction, detecting threats and opportunities along the way. The rest is toolset to execute your vision
and here at Velmie, we deliver a perfect set of solutions to help your business to move and to innovate more rapidly and more effectively. Get it touch with us to discuss how exactly we can help.

Unlike many agencies asking to rebuild the entire legacy application before implementing new features, we always check for opportunities to keep the existing solution alive, preventing extra investments from your
side. Additionally, there is an opportunity to save up to 70% by utilizing one of the prebuilt microservices from our huge list. Contact us to check whether we already have a fast and efficient solution of your problem!

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