An Overview of Microservices in Financial Technology DIVIDE AND CONQUER:
The Microservices concept is becoming an increasingly popular architectural pattern in modern systems. A cult-classic on the back of Netflix’s widely-promoted work within the concept, it has become the new-tech poster child for organizations – from growth-stage startups to the enterprise – who are seeking more agility, scalability, and independence. The notion, closely related in concept to Service Oriented Architecture (SOA) that was made popular by a Wells Fargo case study in the 1990’s, is often presented in contrast to a monolithic architecture. That is to say, Microservices takes what could have traditionally been a single monolithic application and decomposes that application into multiple, loosely coupled, and autonomous services. The intention: software systems become more easily evolvable, scalable, and maintainable. While microservices are infiltrating organizations of all kinds, this paper will focus on microservices within the financial services industry. We discuss the strategic challenges facing the sector and consider how an architectural shift to microservices could play into its evolution. We will also evaluate the challenges involved in architecture transformation, specifically from Microservices point of view. Are they the easy win they are said to be or do they require more substantial operational and organizational changes along the way?
The intention: software systems
become more easily evolvable, scalable, and maintainable.
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