Redefining Payments
Overview
New Payments Platform (NPP) is an open access infrastructure for Fast Payments, which was developed to enable personal, business and federal agencies users to make payments with near real-time funds availability to the recipient, on a 24/7 basis.
Fast Payments leverages cutting-edge technology, it enables instantaneous processing and settlement, enhancing user experience and business efficiency. With its real-time capabilities and robust security measures, Fast Payments sets a new standard for modern financial transactions, ensuring swift and reliable fund transfers.
Problem Statement
We worked with a Large Financial Institute based in Australia, who had a vision to transform their traditional banking methods and improve customer experience by digitization.
They also wanted to build real time faster payment capabilities to abide with industry Service Level Agreements.
The system was to be robust and performant to handle higher volumetrics.
Our Solution
Our Solution Engineers along with the Bank’s Architects broke the monolithic architecture to microservice based architecture.
Moving on to microservices architecture, enabled our developers to refine, remediate, standardize and develop Payment value, Non-value
APIs, Data API, Reference data API.
By using the latest tech stack, our Devops engineers were able to setup CI/CD pipeline to support scalability, resilience and cloud readiness.
Our consultants worked at the foundational level to uplift the existing framework for better performance by caching, target state eventing and robust data injection model.
Business Value Add & Our Role
Business Value Add
- Legacy Integration Services were replaced by Microservices based architecture and APIs to enable Internet Banking and Mobile Banking to new features to customers without being blocked by slower legacy changes.
- By updating their tech stack the financial institute were able to mitigate risk of out of support technologies.
- Other wins were enabling rapid development and deployment, better analytics and risk management,
Solution Engineering, Development and Quality Assurance
- Solution Design
- Development
- Quality Assurance (functional and non-functional)
- Change Management and Deployments
Product Management
Our experienced team of consultants were responsible for
- Breaking down large and complex business requirements to technically implementable user stories
- Backlog Management
- Work Prioritization
- Stakeholder Management
- Delivery Management
- Scrum Management