Nowadays, financial services are based on IT solutions, which is why most business opportunities are directly dependent on digital architecture of financial institutions. In such a complex environment, FinTechs and banks have to deal with:
Banks have to adopt new ways to operate and service delivery. Changes like PSD2 are aimed at bringing banking into the open API economy, driving interoperability, and integration through open standards.
Modern FinTech requirements create challenges to the established security infrastructure. Features like digital wallets, robo advisory, and blockchain create the need for brand new security mechanisms. Microservices follow a best-practice strategy of creating a separate identity service for the purpose of addressing these new requirements.
The integration layer in a modern FinTech solution needs a powerful set of integration solutions (APIs) to communicate with other services, both internally and externally. The integration layer would normally be more than challenging to manage in a large monolithic application. Microservices make the integration layer not only much easier to manage, but also more secure through isolation, scalability, and resilience.
Rapid launch of new innovative solutions to the market is a cornerstone of successful FinTech. Microservices make it easier for application teams to independently deliver new functionalities in order to meet growing demands of customers. Moreover, microservices successfully accommodate a greater number of users and transactions.
Evolution in the banking sector
BOS is a light core banking system and a middle and back office digital solution for FinTech and challenger banks. BOS is characterized by multiple product independent software modules delivering mono-line product solutions in multi-brand organizations. BOS is based on a microservices architecture, is cloud-enabled and has an open API. Furthermore, its low-code framework and integrated tool-set allow to extend and adapt the application with little, or no programming. Granular services can be developed and orchestrated to achieve the desired business product.
BOS, as an innovative financial system, is prepared to support new trends in the sales channel development in the areas of:
BOS operator and administrator functions
BOS platform demonstrates the implementation of a traditional monolithic solutions into microservices, and displays a significant improvement in the areas of:
Business approach to microservice architecture
BOS is a financial system which possesses a set of unique features that distinguish it from the existing products on the market in the areas of: