Inspiration
Finastra have continued to have a glorious list of Bank names as their customers across payments/trading, etc for ages now. For e.g. in US hosted products, we’ve had around 250 customers.
Now, with the technological advancements and demands of the sector, Finastra has moved into the ‘Cloud’ future. This also marks a complete integration of all Finastra offerings under one platform – FFDC. Though a few names now, this platform will grow and have a similarly long list of Banks/FIs on the same cloud platform FFDC.
If we look at it bit differently, it’s a huge community of Banks/FIs hosted on the same platform - FFDC. This aspect of a huge community could be leveraged to offer more value to these Banks/FIs.
Similar platforms like Paytm exist for customers to help then do secure immediate payments. If this works out, we see a lot of potential in this idea to be able to build a Payments Wallet like immediate funds settlement experience for the banks also.
What it does
We want to offer a solution on the FFDC platform that will offer inter-connectivity between these banks – a Bridge This Bridge could have multiple use cases for these banks on the same platform. For e.g. Independent Wires/Payments network would be built for transaction processing between these members of the community – without needing an external network to relay payments from an FFDC bank to another FFDC bank.
Our solution intends to demonstrate this via a service prototype that can send wires directly from an FFDC bank to another FFDC bank without an external payment network (e.g. SWIFT).
• All banks on the Finastra platform should be able to send transactions directly within the Finastra network instead of reaching out directly to SWIFT. • This should save money to banks in terms of not sending these transactions to SWIFT and instead of using the new payments bridge. • This service will attract new customers and also help the Finastra to motivate existing customers to move\upgrade on FFDC and Fusion GPP.
How I built it
We're a team of enthusiastic developers/QA. We started with SCALA for REST APIs and FusionFabric.cloud APIS to submit Transactions to bank on FFDC.
Challenges I ran into
About Regulatory challenge: For the implementation point of view we need to solve regulatory challenges related to transaction reporting to Regulators.
Accomplishments that I'm proud of
We're proud of the teamwork we were able to pull-off. We're also proud of the enthusiasm. In the end, it was a great learning experience for everyone on the team and we are glad of it.
What I learned
A positively spirited attitude can help you cross any difficulties that may come. In our case, everyone worked on a different portion of the app by learning himself/herself and then helping the other person do the same. That was great collaboration
What's next for Fusion Bridge
The same architecture can be updated to work in P2P mode instead of current Relay mode
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