BOS

Challenges of modern banking services

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:

Support for New Digital Services

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.

Enhanced Security

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.

Seamless Integration

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.

Faster Delivery

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

 

Modern digital architecture in financial institutions (e.g. Modern Banks, Challenger Banks or FinTechs) has to handle:

  • innovation in banking services,
  • new trends in sales channel development,
  • decentralization of digital architecture,
  • rapid development,
  • scalability of digital architecture,
  • back-end and middle-end processes,
  • security of data and bank services.

 

BOS – Banking Operation System

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 supports new trends in the sales channel development

BOS, as an innovative financial system, is prepared to support new trends in the sales channel development in the areas of:

  • multi-brand organizations,
  • supporting e-commerce,
  • integrating with API Management Systems,
  • handling 24/7 access to customer data.

BOS architecture

BOS operator and administrator functions

 

Microservices architecture as an alternative to monolithic systems

BOS platform demonstrates the implementation of a traditional monolithic solutions into microservices, and displays a significant improvement in the areas of:

  • continuous delivery and deployment of large, complex applications,
  • scalability,
  • testability,
  • deployability (services can be deployed independently),
  • development (services can be developed independently of the other teams).

Business approach to microservice architecture

 

BOS supports innovation in banking services for a modern customer.

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:

  • separation of customer data in multi-brand organizations with household relation mechanisms,
  • managing financial transactions based on both real and crypto currencies,
  • supporting new payment trends (g. cards, e-commerce, SEPA, SWIFT),
  • quick implementation of new products and services,
  • creating custom-defined modules,
  • handling adapters for external payment systems,
  • providing a built-in General Ledger module,
  • managing data for mandatory and management reporting.

Microservices powered by JLupin Platform

  • The distributed (scale-out) architecture that allows to scale the system and the platform linearly.
  • Distributed Service Repository and load balancers to ensure full flexibility and security of the system architecture
  • Load balanced fast binary protocols to ensure high performance and reliable computing
  • Self-healing actions to keep the service up and running regardless of failures
  • True Zero Downtime Deployment to make complete online changes in the system (even in case of sessions)
  • Reactive queues – a scale-out modern queuing system which implements reactive programming models and operates in a microservices architecture
  • Reactive channels – distributed, dynamic communication channels allowing for the implementation of reactive methods of handling requests from the clients.

 

The Banking Operation System response to the current needs of the financial market

  • Digitalization and automation of all business processes
  • Globalization of financial services
  • Deep personalization with full omnichannel approach in both sales and customer service
  • Multi-branding in order to adapt the offer to all groups of customers, occasionally in cooperation with non-financial partners (g. telco, e-commerce)
  • Quick and easy adaptation to market requirements (business and regulatory)
  • Cost-efficiency along with full large-scale digitalization
  • Easy and quick cooperation with other business partners in order to extend the offer

Support for multi-brand strategy

Microservices platform is built so the financial institution will be able to separate product and data for each brand

GDPR/PSD2

Open API and microservices platform is build so that a financial institution will be able to benefit from compliant with pending regulation, but be ready to take the advantage of this

Rapid development

Microservices architecture enables a quick launch of financial products

Real-time data access

Real-time and quick access to detailed customer data, without mutual influence on the performance of system components

Open banking & API’s

Build partnership with market leading innovators using API’s to plug in the best products and services to create superior customer experience

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