Bankware Global: Shuffling the Banking Space with the True Microservice Architecture Core Banking System

Fintech is booming from every angle. What was once viewed with skepticism and considered a mere trend, has now evolved as a business imperative to reshape banking operations and service functionalities. For all of fintech’s promise for revolutionizing banking, Eunjoong Lee also sees how the uptake of disruptive new technologies is exacerbating the pressures facing financial companies pertaining to the consequential paradigm shift in customer behavior.

While financial companies have focused their investments on latest technologies in the front-end, Lee says, they have been reluctant to embark on core systems replacement. “In order to respond to the customers’ changing behavior, the boundaries of the financial companies are changing. Evidently, the business models also should be changed, which demands a new core system that can support technology adaptability and business expandability,” he adds.

Against a backdrop of radical technological advances, Bankware Global facilitates the implementation of a myriad of technology solutions to banks as well as financial institutions with the aid of the ABCD of technology. Standing for artificial intelligence, blockchain, cloud computing, and big data respectively, the ABCD of technology defines the current fintech innovation and underpins the leading-edge financial solutions from Bankware Global for developing or restructuring core systems in the financial services industry.

On the technical front, the company provides BX CBP, the Java based core banking solution, which supports all-encompassing product offerings. The customers may choose on-premise vs. cloud depending on their needs and regulations. They could even subscribe to SaaS plans since it is powered by scalable microservice architecture in distributed computing environments where processing and data are spread out over multiple systems. As a matter of fact, the company’s solutions have been hosted on the Alibaba cloud for clients in East Asia. Furthermore, open banking or Open APIs is available, which could not only fulfill increased expectations of customers but also create new revenue streams.

Bankware Global takes great pride in supporting quick response to customer needs on their financial business expands. How it works is thanks to the layered architecture of BX CBP, which consists of API Manager, User Service, Atomic Business Service, and Domain Service Layer.

API Manager Layer is an entry point of all clients, which handles the usage requests of APIs and their access. User Service Layer provides means to collaborations and choreography for efficient communication between the enterprises or inter-enterprise atomic business service modules. In cloud computing environment, choreography is vital since it handles how the individual processes operate with one another and multiple processes interact. Atomic Business Service Layer processes a series of functions for the designated business flow. Domain Service Layer provides all the general-purpose processing functions for a financial business, which perform operations and return values optionally. Domain service components make it easier to develop business service components by providing all the building blocks, which can be put together by developers.

“We set up business services in Atomic Business Service Layer and function services in Domain Service Layer. While the business service is assembled by core banking functions that can be shared between services, we separated and developed generic function components that can be reused by the services. This eliminates the need to develop a new service from scratch as we can now assemble in our function components, supporting the business in an agile manner,” explains Lee, VP of Core Banking at Bankware Global. “We develop a new core system wherein the key focus is on business expandability.”

Bankware Global is a confident partner of Kbank, the first online-only bank in Korea, and MYbank, China’s online-only bank that is a part of Ant Financial Services Group. Both partners have provided inclusive and innovative financial offerings for their customers, and they have been running their core banking business on Bankware Global’s solutions. With a joint venture, in partnership with Ant Financial in China, and a subsidiary company in Japan, Bankware Global operates on two fundamental delivery models to empower both small financial institutions and large-scale companies as per their specific requirements.

For the future, Bankware Global has aggressive expansion plans to reach out to the South-East and Middle-East Asia. “In the meantime, we aim to devise our solutions in an enhanced manner for serving our clients better,” concludes Lee.