Modernized core payments engine elevates client experience through seamless integration and increased functionality.
Client
U.S. operations of a leading Japanese bank
Goal
Modernize payments architecture to streamline processing and improve client experience
Tools and Technologies
Jenkins, Kafka, Spring, Oracle, JBoss, React, Elastic Search, Java, Node.js
Business Challenge
The evolving payments landscape, with the introduction of ISO 20022 and the dynamic nature of the regulatory environment, necessitated advancement in the bank’s payment processing capabilities.
The lack of a modern architecture hindered client experience, with multiple channels initiating various payment types that required complex processing.
Solution
Our team built a centralized payments hub to orchestrate data flows between payment initiation systems and product processors. The steps:
- Designed a flexible and scalable microservices-based architecture to facilitate translation, enrichment and processing of payment transactions
- Built a messaging layer to streamline data flows between systems, through support for various modes of interaction, e.g., MQ, API and file (canonical / industry standards such as NACHA, SWIFT, JSON, etc.)
- Introduced an API gateway to handle multiple payment types to enable channel agnostic payment capabilities
- Deployed a modular approach to support existing and new systems with isolation of core and product processors and avoid redundancies in capability builds
- Developed a React-based UI as the touchpoint for integrations between the payments hub and other systems
Outcomes
- A core payments engine capable of seamlessly integrating with multiple, complex systems
- Superior client experience, resulting from a holistic view spanning initiation, payment rails, and clearing
- A modernized payments platform that is ISO 20022-compliant and future-ready for processing and reporting needs
- Faster implementation of functionalities for payment processors
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Containerized microservices optimize infrastructure
Migration of legacy interfaces from Oracle SOA to AWS EKS increases scalability, availability and maintainability and establishes a single version of truth across systems and functions for a global publishing house.
A leading global publishing house with significant operations in the U.S. had multiple Systems of Record (SOR) with a point-to-point integration between them and various operational and analytics marts built on legacy technologies. This led to the divergence of critical operational data across functions, delays in month-end and quarter-end processing as well as scalability and performance issues.
Iris Software’s team collaborated with the client to accelerate the migration of their legacy interfaces and services to AWS EKS through a phased approach that was best suited to meet the client’s need for a much faster deployment time to market. It involved:
- Defining the microservices and containerization technology stack for the migration of services.
- Developing containerized microservices using Spring Boot with externalized configuration to deploy into AWS EKS.
- Registering services hosted on AWS EKS with Kong API Gateway, enabling service discovery, auto-scaling and self-healing, as well as consumption of materialized views and response preparation.
- The migration from Oracle SOA to a loosely coupled set of capabilities with microservices architecture on AWS EKS enabled the delivery of a single version of truth to various consuming applications and channels, resulting in reduced operational issues and maintenance costs. It also ensures that the business can meet future demand spikes, minimize downtime, and maintain optimal performance.
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Platform migration increases API capacity by 6x
Migration of legacy API platform to Apigee and GCP and API productizing led to 6x higher capacity and 70% reduction in support tickets, enhancing business growth and customer satisfaction for a global logistics firm.
Our client, a leader in truck transportation and logistics services with more than 50,000 customers across 33 countries, had developed customer-facing APIs using earlier generations of API platforms. These APIs connected their transportation management system with several other critical systems such as GPS tracking, warehouse management, and real-time customer portals. Scalability and reliability issues were plaguing the client’s API management system due to the legacy infrastructure and increasing numbers of APIs, leading to poor customer satisfaction and decreased competitiveness.
The client sought a technology partner who could understand the complex business logic within the existing API structure and execute a seamless migration and modernization that would improve the performance and scalability of the APIs for its customers. A team of Apigee experts at Iris Software addressed the challenges with a comprehensive, customized four-step approach that consisted of:
- Outlining the migration strategy to move 18+ APIs to a more robust API Gateway
- Automating the migration from the legacy API Gateway to Apigee to ease customer transitions
- Balancing internal system loads to increase scalability and throughput
- Implementing Apigee analytics for improved traceability and faster mitigation of issues
Iris’ solution provided multi-market, multi-channel and multi-partner integration as well as other positive outcomes for the client:
- 70% reduction in support tickets related to shipment delays
- 6x increase in API throughput
- New revenue streams from the creation of four new API products
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Get in touchAnti-money laundering software saves $1M
Global bank overcomes anti-money laundering monitoring challenges and saves $1M in infrastructure costs with a unified front-end.
Client
A top 5 global bank
Goal
Create a unified platform for anti-money laundering functions, analytics, and compliance implementations
Tools and Technologies
Angular 5, Java, Open Shift, and DevOps
Business Challenge
The client expanded its fraud and anti-money laundering (AML) monitoring functions, involving multiple lines of business and 15,000 employees. The scaled system led to the lack of standardization of frameworks and resultant adoption of disjointed, manual-intensive, and high-cost AML technology. The ongoing disconnect hindered the efforts of automating, consolidating and implementing AML functions, enterprise analytics, and regulatory compliance efficiently throughout the organization.
Solution
Iris optimized existing operations and technology investments by developing and implementing a unified point of access for the discrete AML functions, featuring micro-front-end architecture. Engineered to be horizontally scalable through containerization with common authentication and authorization gateways, the single user interface (UI) allows onboarding and control of multiple extended AML functions, including visualization of metrics.
Outcomes
The solution amplified efficiencies and reduced costs through the automated system and seamless exchanges of information. Significant outcomes included:
- Hassle-free transition from multiple to a single UI
- Unified, streamlined user experiences with more effective sessions
- Creation of standardized deployment procedures for AML rules and applications
- Saving of nearly $1M on infrastructure costs
- Reduced infrastructure maintenance time
- Frictionless migration of applications to the cloud
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How to transform your risk reporting mechanisms
A leading brokerage firm improved its UI and lowered costs with a future-ready risk reporting platform.
Client
A brokerage firm with a strong presence in the capital markets
Goal
Improve risk reporting and calculations
Tools and Technologies
Dot Net, C#, Greenplum, JUX Proprietary Framework and HTML5
Business Challenge
The client's market risk reporting and limit monitoring platform was based on products that were reaching the end of their service lines in the foreseeable future — Microsoft's Silverlight for viewing rich content and IBM's Netezza for data warehousing. They wanted to move to a new-technology platform. Among the big challenges was a lack of user-friendliness, a high cost of ownership because of the maintenance needed, and a lack of scalability as the data could not be clustered. The existing systems did not enable efficient audit trails and tracking of users. Iris had to identify alternatives that would sit well with 55 other applications in the system.
Solution
We considered building a visualization platform using the latest JavaScript frameworks such as Angular or React but settled on making a fresh user interface and UI framework on HTML5. We developed new UI widgets to provide better user experience, making it possible for users to customize their workspace. We integrated the module to manage a user’s role and access level. In all, we provided a modern, flexible interface for application deployment that was developed in-house.
Outcomes
We successfully moved all the 55 applications to the new platform. As a result, the total cost of ownership was expected to be 15% lower after the migration. It was also built for the future — a distributed, scalable, mobile-ready platform. It had an integrated module for managing user roles and access levels and could be customized with various themes to provide better user experience. User tracking and audit trails were enabled.
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A legacy portfolio gets a makeover
How one of the Big Four advisory firms turned around an under-performing, high-cost application portfolio to meet growing business needs.
Client
The client is one of the Big Four advisory firms
Goal
Modernize the legacy application to meet growing business needs
Tools and Technologies
MS SharePoint, MS .Net and MS SQL Server
Business Challenge
- Lack of integration: Most of the integration with upstream and downstream systems was manual, resulting in common data getting obsolete quickly
- The client was finding it difficult and expensive to hire and retain resources to maintain the legacy apps
- The legacy system was prone to security breaches and couldn’t be deployed on the enterprise-level stack
- The existing system supported only single-user applications, and it wasn’t possible to roll them out to multiple users
Solution
After a comprehensive analysis, we rationalized, classified and distributed the client’s applications portfolio in four areas:
1) Upgrade and continue to maintain
2) Rewrite to modernize
3) Consolidate overlapping applications using a framework approach
4) Retire
The idea was to deliver maximum value at the lowest cost possible and ensure the system complied with security standards.
Here’s what we did for the client:
- Upgraded the technology stack for the application(s) to lower maintenance costs, improve efficiency and meet growing business needs
- Used an in-house technology modernization framework to reduce development and maintenance costs
- Consolidated applications that were doing similar tasks and had similar features and modernized them
- Retired applications, whose features were available through other applications
The success of our solution was based on our ability to quickly gather complete information about the existing applications. To do that, we used a questionnaire that we have developed and refined over the years that helps us gather information in a structured and comprehensive manner about the architecture, user base, maintenance methodology, etc.
Outcomes
- With the legacy modernization and application consolidation process, we reduced the client’s application portfolio from 45 applications to less than 10.
- Reduced the resources required for maintenance from six to two.
- The framework-based approach accelerated time-to-market, a critical differentiator for the client.
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An agile sprint for financial data
How Iris helped a mega sportswear brand’s global operations and financial reports go flexible, agile, and analytical.
Client
Among the world’s largest manufacturers of sportswear, the client sells its products in 120+ countries and employs more than 13,000 people
Goal
To significantly reduce turnaround time and ease associated with report creation
Tools and Technologies
Microsoft SQL Server’s Analysis Services (SSAS), Microsoft SQL Server Integration Services (SSIS), Microsoft SQL Server Reporting Services (SSRS), Boomi AtomSphere, and Power BI
Business Challenge
The client’s finance department was using standard SAP reports which limited the flexibility to slice and dice data or add fields to reports. Modifying or creating new reports was either difficult or expensive. Top management, including the CFO and financial controllers, were finding it difficult to create a high-level, integrated view of the company’s finances. The existing process required data transposition between various systems, including the SAP and Oracle systems. Much of this data was extracted and consolidated manually, which was time-consuming, and took around a week.
Solution
Iris executed a distributed Agile framework for the client’s global delivery model. Our solution pulled data out of the client’s SAP ERP system using Dell Boomi adapters, and leveraged SSIS (SQL server integration services) to transform it into enriched data. This data was mapped and made actionable through interactive PowerBI Tableau dashboards. With the help of a custom-made finance data model, a data warehouse was created. The easily shareable data cubes not only replaced all legacy reports, but also reduced the number of SAP user licenses.
Outcomes
With the availability of Power BI dashboards and the capability to slice and dice financial data, client managers now have a better view of operations and accounting flows. The data consolidation allows users to create need-based reports without additional licenses. The automation of the entire process from data extraction and transformation to publishing of analytical cubes has enabled the client teams to significantly reduce time required to produce reports – from days to a few minutes. They have been able to achieve a 95% reduction in time and effort.
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A playbook for banks on managing M&A integration
Efficient management of the complexities of disparate systems and data after merger and acquisition (M&A) integration saves time and money.
Client
Banks that have merged or acquired new businesses.
Goal
Manage migration and integration complexity post M&A.
Tools and Technologies
The Iris business acquisition playbook for banks.
Business Challenge
In a low-interest rate regime, achieving scale is the only way for banks to stay profitable. The top 25 banks are growing at a rate faster than rest of the pack. The search for profitability from scale is predicated upon their ability to ensure that operational costs do not grow linearly with business. A significant part of this growth will come inorganically.
Apart from M&As, brownfield expansion comes with banks selling off their books of business for reasons ranging from realigned strategic priorities to the more mundane need of raising cash. Any IT costs in absorbing the new book of work will negate the advantages of size.
Solution
Iris created a business acquisition playbook for our banking clients outlining steps to insource with a migration and integration strategy. We defined insourcing steps for business and technology teams and created a migration strategy with quantifiable recommendations and a reusable checklist for insourcing activities.
Our solutions enabled clients to deal with post-merger integrations and create a single source of truth for transactional data and positions. We consolidated multiple acquisition playbooks and created a single standardized framework for their lending business. The solution also included data integration management and ensured connectivity for the lending business. The solutions were specifically tailored for applications in the loan origination and servicing space.
Outcomes
Our solution rendered several significant benefits and helped clients:
- Achieve 50% savings in cycle time and cost for post-merger integration of business processes, application, and data
- Capability and readiness assessment and assistance in choosing from insourcing options
- Achieve full migration of data and systems
- Achieve partial migration of systems and data migration and integration
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Deliver personalization via report automation
A leading asset management firm personalized offerings by automating processes to glean customer insights.
Client
A leading asset management firm based in the U.S.
Goal
Help asset managers deliver personalized solutions to establish differentiation
Tools and Technologies
AquaData Studio, Java, Perl, Python, Spring, Hibernate, VRS, PostgreSQL, Composite and MS SQL
Business Challenge
- Its front, mid and back office functions needed a lot of manual effort.
- Business rules were inconsistent and data duplication was rampant.
- User experience on the platform needed significant improvement.
- Clients were unable to get a holistic view of their accounts.
- Data validation was consuming a lot of manhours.
Solution
We partnered with the asset manager to deliver better digital experiences to all its stakeholders. We created a robust data ecosystem and used advanced technologies such as artificial intelligence/machine learning or AI/ML, intelligent automation, cloud computing and test automation.
- Our team streamlined and integrated the client’s front, middle and back office functions. We helped the client integrate their back-office solutions with their custodians, reducing complexity in information exchange, eliminating reconciliation and increasing operational efficiency by more than 75%.
- We automated the creation of more than 7,000 reports.
- Improved experience for retail and institutional clients by automating the generation of complex compliance and strategic reports.
- Developed a strategic reporting module that gave customers a holistic view of their accounts and holdings.
- Set up a business data validation team offshore.
- Enabled self-service option for bespoke reports.
Outcomes
- Automated the exhibits process with 75% increase in throughput
- Our report automation solution reduced manual effort by 70% and improved monthly artefact generation throughput by 40%
- Reduced manual effort for customization in client profile management by 60%
- Achieved $50,000 savings monthly in data validation for client profile management
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An API ecosystem expedites customer onboarding
A global leader in logistics created an API ecosystem that significantly transformed its customer experience.
Client
The client is a leading logistics and transportation services provider, ranked among the top 10 in the world
Goal
Rapid onboarding of partners and customers; improve customer experience
Tools and Technologies
Azure, Dell Boomi APIM and oAuth 2
Business Challenge
The growing volume of business required the client to respond faster to market demands. On their current systems, it was a challenge for the support staff to onboard new clients and service their requests.
The client needed a solution that would help it respond quickly to diverse business needs, including:
- Last mile shipment tracking and alerts across carrier networks
- Quotes for multiple shipment options
- Special fulfilment orders
- Order personalization for seasonal surges
Solution
We proposed and developed a comprehensive API layer that allowed customers and partners to access client systems using APIs.
Customers and partners could easily track shipments and get quotes on their own. This reduced the need for support personnel to service routine requests. The team configured these APIs on Boomi’s API Management to enable seamless real-time integration.
Outcomes
- Improved onboarding speed: 20+ partners per month
- Enabled client to handle large volumes of requests, with a service capacity of 35,000 API requests a day
- Improved customer experience through real-time rates and quotes
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