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Online Banking Platform with Microservices

Launching a highly scalable cloud banking platform with microservices infrastructure.

core banking software development on microservices

Introduction

From small fintech companies and neobanks to financial services market leaders, the microservices architecture is used across different banking applications today: Amazon, PayPal, Capital One, Monzo, etc. It proved to be a perfect solution to address the Fintech and banking industry's modern challenges. With microservices digital banking apps possess the ability to scale, deliver value to customers while being secure.

The Story

Our client is a banking platform provider and its core system is used by various banks across the globe, serving millions of customers. 5 years since its launch, the client faced typical problems of a rapid expansion: lack of platform scalability and disorganized development processes. The platform was built using outdated technologies and, furthermore, with the system architecture being a complete mismatch with the business requirements.

As it usually happens, these problems lead to an inability to land and serve new clients, to keep the level of service quality, to effectively respond to market demands, and putting most of the resources on regular maintenance instead of further development. The platform turned too expensive to maintain and expand, sluggish to innovate, and, finally, became subject to losing all of the competitive advantages.

The Solution

By partnering with Velmie the client made a game changing decision to rewrite the entire platform using the very latest and best technologies available. 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. Our developers used the microservices approach in order to speed up deployment cycles, foster innovation and ownership, and improve maintainability and scalability of the client’s software.

Ultimate Scalability

The whole new banking system is now based on AWS microservices with a completely modular architecture. There is no single back-end system to handle all operations. Instead, it was split with multiple services that handle all core functions. This architecture solves one of the core problems our client faced - product scaling.

Security Ensured

We also paid special attention to the platform security. 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 communication.

Improved Performance

Using modern programming languages such as Go (Golang) we helped our client achieve impressive performance indicators and flexibility.

The Outcome

Our client’s platform became one of the most user-friendly online banking software on the market. It is clean, modern, and fast loading.

  • Growth and maintenance with 60% fewer resources required.

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

  • Secure and PCI-compliant.

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

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

Leveraging the Power of Microservices for Modern Banking Experiences

Microservices architecture has become an important trend in the banking industry. It is a combination of successful and proven concepts such as agile software development,  service-oriented architectures, API-first design, and continuous delivery. Microservices approach is perfect for various banking use cases: core banking and fintech platforms, payment systems, payroll solutions, brokerage and investments, lending and BNPL solutions, crypto exchange platforms and others.

Velmie white-label digital banking software is built on microservices, thus, our clients can benefit from its modular architecture, superior scalability, strong security and compliance.

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