Modernized core payments engine elevates client experience through seamless integration and increased functionality.
Client
U.S. operations of a leading Japanese bank
Goal
Modernize payments architecture to streamline processing and improve client experience
Tools and Technologies
Jenkins, Kafka, Spring, Oracle, JBoss, React, Elastic Search, Java, Node.js
Business Challenge
The evolving payments landscape, with the introduction of ISO 20022 and the dynamic nature of the regulatory environment, necessitated advancement in the bank’s payment processing capabilities.
The lack of a modern architecture hindered client experience, with multiple channels initiating various payment types that required complex processing.
Solution
Our team built a centralized payments hub to orchestrate data flows between payment initiation systems and product processors. The steps:
- Designed a flexible and scalable microservices-based architecture to facilitate translation, enrichment and processing of payment transactions
- Built a messaging layer to streamline data flows between systems, through support for various modes of interaction, e.g., MQ, API and file (canonical / industry standards such as NACHA, SWIFT, JSON, etc.)
- Introduced an API gateway to handle multiple payment types to enable channel agnostic payment capabilities
- Deployed a modular approach to support existing and new systems with isolation of core and product processors and avoid redundancies in capability builds
- Developed a React-based UI as the touchpoint for integrations between the payments hub and other systems
Outcomes
- A core payments engine capable of seamlessly integrating with multiple, complex systems
- Superior client experience, resulting from a holistic view spanning initiation, payment rails, and clearing
- A modernized payments platform that is ISO 20022-compliant and future-ready for processing and reporting needs
- Faster implementation of functionalities for payment processors
