Financial Technology Integration Based on Service Oriented Architecture

Abstract

The growing and complex business processes and activities require banks to spearhead financial services or financial transaction flows to meet customer expectations. The task of integrating such system is quite complicated, especially the integration of the financial technology system. In addition to being integrated, the flow of data and business processes must effectively reach every part which has interests in the process and the data. Business productivity can be achieved if the required data flows smoothly and is accessible as efficient as possible. Similarly, a bank which usually uses more than one information systems, when it need to combine financial statements from different bank systems must go through a data transformation mechanism to be accessible. Especially if the users of some bank accounts must access all their banking accounts at one time, of course, this would not be easy. As a response to those situations, in this research we proposed a financial technology application integration based on SOA (Service Oriented Architecture) which could be used to combine financials statements of all integrated banks every month. The data required to create a composite report will be directly taken from the system of any bank by utilizing web services. It is expected that the results from this study could help the parties interested in SOA-based Fin Tech with the understanding and description of SOA, such as: how it works, its benefits, and the role of SOA layers implemented in Fin Tech applications.