A leading South African international banking and wealth management group has approached Synthesis to assist them with the building of their next-gen payments platform and enable delivery of PayShap on it.
Bank strategic intent is to modernize the legacy banking systems and to build a cloud based next generation payments platform which aims to unify payment processing into a single API driven platform which is highly customizable and provides a single interface into the payments' backbone. This payments platform will initially serve as the foundation for PayShap and eventually will support all payment types.
Synthesis assisted the bank in building one of the foundational blocks of their unified payments platform that is instrumental for processing PayShap payments, and also helped the bank to modernize their payments technology architecture. The architecture is built on an event driven model which is known to provide lower latency for real-time processing. This also helps in decoupling the various systems within a bank thereby reducing failure points. In order to execute the desired solution, Synthesis combined strong domain expertise in payments with technical competence in Microsoft Azure, API build, Akka.NET, and DevOps.
The solution has provided the bank with a scalable, reliable, high performing platform that delivers operational efficiency, simplified governance and improved customer experience. The platform is built to cater for the futuristic needs of the bank by placing strong emphasis on cloud native - micro-service driven architecture. This platform currently only supports PayShap payments but in future will be enhanced to support high value as well as mass payments.
With a platform built for the future and an ability to process PayShap transactions which is the need of the hour - the bank is geared up for their payment’s modernization journey, and this is only the beginning.
Article Courtesy of www.rubicomm.co.za
About Synthesis
Synthesis is a true South African success story. Synthesis believes that providing innovative solutions based on emerging technologies will help their clients become globally competitive. Synthesis focuses on banking and financial institutions, retail, media and telecommunications sectors in South Africa and other emerging markets.
In 2017 Capital Appreciation Limited, a JSE-listed Fintech company, acquired 100 percent of Synthesis. Following the acquisition, Synthesis remains an independent operating entity within the Capital Appreciation Group providing Cloud, Digital and RegTech services as well as corporate learning solutions through the Synthesis Academy.