Streaming Platform Implementation in Banking and Financial Systems

Rapid development in information technology leads to modernizing the applications with innovations and technologies to achieve time to market, meet customer needs, better UI, security, and efficient system. Several modernization options are present in the market to achieve the above needs in Banking and Financial applications. Banking and Financial application are critical and adopt the newer technologies quickly to achieve performance and security. Nowadays, the end-user is using the technologies at their fingertips. BFSI (Banking, Financial Services and Insurance) enterprises widely spread and interact with each other. Enterprise application integration plays a crucial role in the BFSI domain to achieve technical and business benefits. Kafka is one of the technical solutions to build a real-time streaming platform between applications on moving data from one system to another. Streaming applications are scalable, fast, and durable. Streaming platforms are credit and different from Message Queues for advantages like Scalability, Message retention, multiple consumers, replication, message order, and TCP protocol support. Banking and financial application backend applications, especially batch processing systems, migrate from batch to stream platform to achieve near real-time data. As a result, the processing/settlement processing time is minimized in banking and settlement systems. This paper discusses two case studies and identifies the advantages and disadvantages of streaming platforms.