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Microservices Architecture Modernization for Financial Platform

jelvix.com

Financial services

Business Agility and Scalability Challenges

Global Finance Corp's legacy monolithic architecture hinders its ability to rapidly respond to market changes, adopt new technologies, and scale its operations to meet growing customer demand. The inflexible infrastructure leads to high operational costs, slow feature development cycles, and difficulty in integrating new services, negatively impacting customer experience and profitability.

About the Client

Global Finance Corp is a rapidly expanding financial services company offering banking, currency conversion, and savings products to both international business and personal clients. They operate a worldwide network of service branches.

Project Objectives

Modernize the existing financial platform by migrating from a monolithic architecture to a microservices architecture.
Improve operational agility and reduce time-to-market for new features.
Enhance scalability to support a growing customer base and increasing transaction volumes.
Reduce infrastructure costs by leveraging cloud-based services.
Improve system resilience and reliability through asynchronous communication and fault tolerance.
Enable faster adoption of new technologies and features (e.g., Machine Learning).
Automate key financial processes (user verification, loan approvals, invoicing) to reduce manual effort.

Functional Requirements

Secure user authentication and authorization.
Account creation, management, and closure.
Currency conversion services with real-time exchange rates.
Credit application and approval workflows.
Automated invoicing and billing.
Machine learning-powered user verification and fraud detection.
Escrow account management.
Reporting and analytics dashboards.

Preferred Technologies

Java

Spring Boot

Python

Angular

PrimeNG

AWS (EC2, S3, Lambda, ELB, SQS, DocumentDB, SageMaker, Migration Hub, DMS, Storage Gateway)

Integrations Required

Third-party payment gateways
Credit bureau services
Fraud detection services
KYC/AML compliance services

Key Non-Functional Requirements

High scalability to handle peak transaction loads.
Low latency for real-time transactions.
High availability and fault tolerance.
Robust security to protect sensitive financial data.
Secure cloud storage and data management.
Automated monitoring and alerting.

Expected Business Impact

The successful completion of this project will result in a more agile, scalable, and cost-effective financial platform. This will lead to faster time-to-market for new products and features, improved customer satisfaction, reduced operational costs (estimated 70% reduction in staff workload for verification/crediting processes), and enhanced competitiveness in the market. The ability to leverage Machine Learning will provide a significant advantage in fraud detection and risk management. Furthermore, the move to the cloud will provide greater flexibility and disaster recovery capabilities.