International Journal on Science and Technology

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Modernizing Legacy FinTech Systems through Cloud-Native Microservices Architecture

Author(s) Prashant Singh
Country United States
Abstract The legacy financial technology systems that underpin digital financial services are fast becoming bottlenecks in an environment that requires agility, scalability, and persistent innovation. Architectures, integration, and operational costs are always limited, which is often unacceptable for complex modern FinTech ecosystems. This paper examines how to modernize these legacy infrastructures by leveraging cloud-native microservices architecture and provides a roadmap for modernization that addresses the unique needs of financial services, including operational constraints, compliance requirements, and transaction integrity.
A cloud-native microservices architecture allows large, monolithic applications to be broken down into smaller, loosely connected, and independently deployable services. These services run in containerized environments and are orchestrated by a well-known platform, thus being scalable, highly available, and deployed continuously. This type of architecture enables banks to bring new capabilities to market quickly, ensure the stability of their system, and react promptly to market changes and regulatory demands.
The paper provides a well-structured approach to modernization, including evaluating the legacy solution, service decomposition, domain-driven design, container orchestration, API gateway implementation, and secure communication between services. The focus is on embracing proven tools and practices like containers, service mesh patterns, CI/CD pipelines, and infra as code. To promote the use of the observability framework, it also discusses integrated observability solutions and enabling monitoring, tracing, and logging from the onset.
Through architectural introspection, pragmatic action strategies, and specific use cases, this paper describes how financial institutions can expand performance, diminish technical debts, and strengthen resilience and compliance. We further consider data migration, transaction consistency, security hardening, and compliance with regulatory requirements to get a more complete picture of the modernization process.
Finally, this paper argues that firms must migrate their legacy FinTech systems to a cloud-native microservices architecture. This enables firms to leverage their own build and unique selling points to build scalable, flexible, and future-proof platforms that scale quickly and maintain the firm in a regulatory and operationally excellent state in an ever-changing financial services world.
Field Engineering
Published In Volume 15, Issue 1, January-March 2024
Published On 2024-03-07
DOI https://doi.org/10.71097/IJSAT.v15.i1.6070
Short DOI https://doi.org/g9q4c7
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