#FLUID APP FINTECH SOFTWARE#

Increased agility and decoupled release cycles implying app updates can be developed and deployed within hours.

Transmission and redeployment of new application features without fear of failing the entire application.There are considerable advantages that microservices can provide with a robust IT strategy that is sufficient for smooth transition. Monzo has grown significantly over the past 24 months the structure of existing teams and emergence of new teams has changed significantly as a result.вЂќД«enefits of inducing Microservices in financial institutions Ownership of services is well-defined but can be fluid based on the goals of the company. вЂњWe build services which are granular enough to be easily understood. The biggest benefit Monzo has gained from microservices is organisational flexibility, Suhail Patel, MonzoвЂ™s backend engineer explained this by quoting вЂ“ From the very start they understood that simple computation wonвЂ™t take them out of the firewall but rather give them a data driven and secure architecture that can totally redesign their systemвЂ™s infrastructure. As a startup it always had the advantage to develop its infrastructure from scratch and be totally cloud driven.Their core banking system has a technology architecture that is open, agnostic, scalable, secure, and 3rd PlatformвЂ“enabled.Their customer experience is powered by technology making them, by far the most significant is customer centricity elevating and enhancing their infrastructure according to the competitive landscape for FinTech organizations today.Its AWS hosting offers sophisticated security, auditability, and encryption levels to remain compliant with the banking regulations.Monzo runs on an active data centre that avoid any failures or downtime attached to their banking application.Their banking application also has a platform-agnostic for easy interoperability. It architecture makes a hub of small elements that can scale as an entity, communicate synchronously or asynchronously, and have APIs. Monzo has established its core banking systems from scratch with the help of microservices architecture, with multiple virtualized servers having container tools such as Docker and Kubernetes. Monzo uses AWS hosting for its core banking needs to enable scalability and flexibility with its cloud computing strength, also eliminating the doubts in terms of capacity, infrastructure, and provisioning management. Additionally, with this architecture banking application had the fear of sending over unencrypted data of the users. Also monolithic architecture has stack dependencies that stops the embedment of the latest technologies.

#FLUID APP FINTECH SOFTWARE#

Their system wasnвЂ™t componentized and shared software libraries. The major issue with the monolithic architecture was its scalability and maintainability. The service reflects through an endpoint or a middleware platform, implying that a large scale service can be implemented with No SQL database for heavy scenarios.Д®xample of a real life Bank with Monolithic architecture:Дanske Bank worked on the monolithic architecture that mostly relied on the sharing of the resources and therefore the processes couldnвЂ™t function independently. The architecture offers solution to fetch the only required data belonging to a specific service. Whenever a new service or a feature is deployed in an infrastructure or product then it has its own separate database and this way entire system doesnвЂ™t get affected. Microservices give them an approach to separate database from every services. The long before financial institutions have legacy systems that carry the baggage of centralized database that are tightly coupled sub system. And since, financial services can never remain constant there is always scope to extend its capabilities as the world is changing. The Monolithic structure has often failed when you want to scale your architecture. The outmost benefit of Microservices Architecture is its capability to provide flexibility, structural scalability, and reduced costs. To get an outcome of performing well in the competition and also satisfying and solving their customersвЂ™ issues. And this being the reason that they are experimenting their digital approaches with highly scalable, flexible, and efficient architectures for their infrastructures. Especially, in a FinTech ecosystem that is running to establish itself in the digital centric world.

Fluid app fintech