The demand for personalized solutions and services – including real-time data – is forcing banking institutions to embrace technological innovations to meet the needs of their customers. The foreign exchange market is an example where having access to live currency rates could be a differentiator for banking customers who deal in multiple currencies or are looking to buy, sell, or trade.
UnionBank of the Philippines (UnionBank) is embracing digital transformation and event-driven architecture to give their customers easy access to real-time foreign exchange rates on their mobile devices; they are no longer limited to providing rates that were only updated once per day. Having access to real-time data when it comes to financial services is becoming essential, especially in volatile economic conditions.
A centralized payment solution that can handle real-time transaction data and fast-paced digital customer onboarding was the goal when UnionBank set out to strengthen their position in the market. Pubsub+ Platform is the backbone of their transformation, allowing them to modernize their systems as well as manage and distribute high volumes of data, as required, during periods of peak activity. The ability to dynamically route events minimizes disruptions to customers during peak periods.
Real-time responsiveness and hyper-personalized services are the future of banking, but legacy banking systems were not designed with that kind of future in mind. With PubSub + Platform, existing legacy banking systems can be connected to new applications so that events can be streamed to the rest of the enterprise in real-time.
In many cases, legacy systems cannot easily be replaced or cast aside for a number of reasons, including complexity and expense. Having PubSub+ as the modern digital backbone of banking IT infrastructure helps to maximize legacy investments and provide a path to migrate applications to the cloud or other environments at a pace that makes the most sense for the enterprise.
UnionBank is working with Solace to implement a new log management system and, in another phase of their digital transformation project, will focus on streaming events from their core banking system to the rest of the enterprise by connecting legacy systems to newer applications.
Read the press release here: https://solace.com/press-center/unionbank-forex-event-streaming/
Sarah has honed her skill at breaking down complex topics into things that non-engineers and non-technical people can understand over the course of a career spent in the research and technology space for years, including a stint managing marketing for a company that built test facilities for gas turbine engines for the likes of Rolls-Royce and Pratt & Whitney.
With Solace Sarah has helped craft numerous articles and white papers about how event-driven architecture and microservices can help enterprises and government agencies improve operational efficiency, better serve their constituents and customers, and more through the Internet of Things, smart city and smart transport initiatives, supply chain modernization and more.
Sarah holds a bachelor of engineering (aerospace) degree from Carleton University. She is an avid painter, an average golfer, and a movie buff who enjoys watching and reviewing films of all eras and genres.[position] => Content Marketing Manager [url] => https://solace.com/blog/author/sarahdiguer/ ) )