Creospan Inc.’s Post

I was working on a project to implement distributed coordination with transaction management for critical banking applications, and I was debating between saga and idempotency as data integrity is an important factor for financial institutions. This leads me to do a little deep dive into the better option. And finally, I have decided to implement an idempotent system with state management, as this suits my use case of retry and recovery strategy perfectly. So, we will see what idempotency is and how to implement it correctly.

In preparation for the ecosystem-focused future of banking, financial institutions are grappling with a dilemma: begin the challenging process of legacy architecture modernisation, or do nothing and keep struggling to innovate while dealing with rising costs. How can you choose the former while minimising risks and disruptions? Check out our latest article by Maurice Roach, Liz Wray, and Chris Joyce to find out! https://bit.ly/48pU7Co

The path to a modern banking architecture that enables interactions with the financial services ecosystem may seem complex. But everything starts with understanding where to begin. Check out the latest piece by my colleagues to explore strategies and considerations that can guide your bank through this intricate modernisation journey, helping you strike the delicate balance between innovation and stability.

The path to a modern banking architecture that enables interactions with the financial services ecosystem may seem complex. But everything starts with understanding where to begin. Check out the latest piece by my colleagues to explore strategies and considerations that can guide your bank through this intricate modernisation journey, helping you strike the delicate balance between innovation and stability.

The path to a modern banking architecture that enables interactions with the financial services ecosystem may seem complex. But everything starts with understanding where to begin. Check out the latest piece by my colleagues to explore strategies and considerations that can guide your bank through this intricate modernisation journey, helping you strike the delicate balance between innovation and stability.

The CFPB's new rules for standard-setting bodies highlight the importance of API standards in Open Banking, with 70% of banks globally adopting standards like the Berlin Group openFinance, Financial Data Exchange, and country-specific ones. As 74% of bank platforms now provide OpenAPI Specifications, efficient product development and market interconnection are becoming more attainable. Looking ahead, AI's rise will place even greater emphasis on data governance, making it crucial for stakeholders to prioritize managing their data effectively. 👓 Watch the replay of "Using data to create open finance success" where Mark Boyd from Platformable dives into the data journey shown below with use case examples! Go HERE ➡ https://lnkd.in/gxfwrJwz

Revolutionize Banking Data Management with Deloitte and Databricks: Discover how the new Data as a Service (DaaS) solution enhances insights, compliance, and decision-making for banks and capital markets. Explore the future of data-driven finance now!

The Open Banking/Finance wave Topic: Standards and Data Governance Now that the CFPB in the USA, in relation to the Rulemaking on Personal Financial Data Rights, has issued the rules for approving standard-setting bodies, it is to be noted that 70% of banks globally use standards to design their APIs, with Europe drawing on the Berlin Group standard, North America adopting the FDX standard and some countries like UK and Brazil having their own country-level API standards. As a proxy measure of the level of developer experience, 74% of bank platforms provide an OpenAPI Specification so that developers can better understand the APIs offered and automate their integration processes. This is relevant because the use of standards push efficiency into the development of products and, hence, to the markets. The goal in OBOF ecosystems is that developers do not have to be developing different APIs, so the greatest possible interconnection can be achieved. This is one of the reasons why regulators are also increasingly insisting on standards and schema to be built into the ecosystem. Work on data standards is progressing and the introduction of Artificial Intelligence will require greater focus on data governance, therefore, this will become a key theme in the coming years for OBOF ecosystem stakeholders. Although early signs is that some players will choose to wait further before embarking on a program of activity to better manage their data, it will be a matter of giving priority to it to be able to navigate fluidly within this ever evolving technological environment.

The path to a modern banking architecture that enables interactions with the financial services ecosystem may seem complex. But everything starts with understanding where to begin. Check out the latest piece by my colleagues to explore strategies and considerations that can guide your bank through this intricate modernisation journey, helping you strike the delicate balance between innovation and stability.