The Finxact core uses Amazon Relational Database Service (Amazon RDS) which enables real-time, ultra high-performance transaction processing and enables high transaction integrity (ACID) at elastic scale. This ensures the entire connectivity and internal processing of transactions is optimally secure to meet the bank-grade security standards of the financial services industry. In addition, Finxact adheres to security best practices defined by AWS like encryption, key rotation, and least privilege principles. The bank can access the Finxact solution via AWS PrivateLink, or if there is need to access this solution from on-premises environment the bank can access it via AWS Direct Connect. Scalability: Highly scalable, ACID-compliant transaction architecture.Īs shown in the diagram below, Finxact delivers a software-as-a-service (SaaS) solution.Audit traceability: Highly auditable with traceability back to originating message payloads.Extensible data model: The data model can be extended by third parties.Component library: Allows for configuration, not coding.In-balance transactions: Always in-balance transactions to support real-time settlement.Multi-time zone: Eliminates geographic boundaries.Temporal data persistence: Retrieve any data or event as of a specified datetime.Real time: Event-driven platform eliminates traditional batch processing.Multi-position accounts: Accounts comprised of multiple positions and asset types.The Finxact core has a number of technological innovations, including: However, Finxact’s pre-integrated solution stack (Finxact+) provides banks with even faster time to market, a tried-and-true solution ecosystem that includes best-in-class providers of account origination, card processing, fraud monitoring, and back-office workflow experiences. The Finxact core is an open core platform, designed to communicate with any third-party application via APIs.
The Finxact core information architecture runs on Amazon Web Services (AWS) so that it can perform these functions at optimal scale and stability.įinxact’s API-first design makes the system of record 100% accessible for banks and their partners to rapidly integrate products. This means that a comprehensive and extensible financial services model, accessible via API endpoints, empowers the bank with immediate and complete access to its data, positioning it to deploy products quickly, attach third-party solutions quickly, and leverage the most advanced artificial intelligence (AI) and machine learning (ML) tools for data-driven decisioning. The Finxact core exposes all functionality via APIs which are Restful services of JSON payloads.
In addition, we’ll explain how Finxact meets stringent requirements of a core banking solution. In this post, we will describe the architecture of Finxact including various AWS services used. Its mission was to couple this domain expertise with the most modern cloud-based technologies and programming languages to produce a core platform for the modern era of banking. Mainframe transaction processing capacity remains formidable, but the suitability of such monolithic infrastructure applications for this age of cloud computing and real-time, contextual commerce is presenting challenges for banks that require agility in deploying new products and ready access to core transaction data to improve customer experiences.įinxact is an AWS Partner that was begun five years ago by a team of engineers with deep experience in the design of core banking systems.
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These software applications pre-dated the internet and were monolithic by design. Today, most banks are still running legacy core systems developed over 30 years ago for mainframe computing. A core banking system is the critical infrastructure for the bank that serves as the system of record for its customers’ loan and deposit positions, and as the transaction processing engine for all transactions against those positions. Many midsize and large banks have over time developed their own in-house core system or licensed a third-party core system. Partner Solutions Architect – AWSīy Mark Kampf, Vice President of Technology – Finxact
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