with Open Banking and PSD2 Future Finance Data Innovations · Future Finance Data Innovations with...
Transcript of with Open Banking and PSD2 Future Finance Data Innovations · Future Finance Data Innovations with...
Future Finance Data Innovationswith Open Banking and PSD2
Speaker
• Solution Architect
• Java developer background
• With Suomen Asiakastieto since Spring 2016
• 50/50 between projects and cool stuff
Eero Arvonen
ASIAKASTIETO GROUP:SUOMEN ASIAKASTIETO + UC
Asiakastieto Group:Suomen Asiakastieto + UC
• Among leading providers of business and consumer information services in the Nordics
• Powerhouse for data
• Fintech: New data innovations
• Risk management, finance, administration, decision making, sales, marketing
Topics
• Rationale of our market presence within Open Banking
• Our PSD2 product: Account Insight
• Future
• Taking Account Insight subatomic with Quarkus
RATIONALE OF OUR MARKET PRESENCE
Changing Financial Markets
• Financial crisis 🡪 new regulation− More demand on the data we already have
− Access to new data on which to build services
• New regulation affects banks’ business and increases costs
• Automation on new data sets via scalable technology
• Compliance is key
MiFID
AML
Basel
KYC
CRS
PSD2PSD
IFRS
CRD
UCITS
GDPR
Rationale of our Market Presence
First: Investigating PSD2, understanding effects on clients
Then: Client demand in new business opportunities
Now: Account Insight 1.0 launched
Next: New opportunities for clients, new services
ACCOUNT INSIGHT
IMPACT IN SOCIETY
Fighting against overindebtedness in Nordics.
Access bank account dataof a loan applicant (PSU) based on their consent
Process the data in the contextchosen by the PSU on behalf of
the lender
Deliver actionable facts regarding the applicant’s financial behavior
In a compliant way
REAL-TIME CALCULATION OF
THE ABILITY TO PAY AND CASH
FLOW
REAL-TIME INCOME AND
IBAN VERIFICATION
NEW AUTOMATED
TOOLS FOR RISK ASSESSMENT
Transaction data as a value creator
Banks + Partner
Services & Functionalities
API Raw Data
APIData Rules
Rule Engine
ClientsClient
Add value
Solution
Access
PSD2 Service Design
• Containers on OpenShift
• Microservice architecture
• Thorntail for backend
• React+Node.js for frontend
• Java 11
• ”Joints”− New banks/aggregating partners
− Parts of the process should be detachable
Together with the clients
• Unprecedented interest among clients
• Design with clients in regular workshops
• Scrum, Code review, pair programming
• Test environment released to pilot clients before production
THANK YOU! Reetta Sinelampi
[email protected]+358 50 368 0120
THANK YOU! Reetta Sinelampi
[email protected]+358 50 368 0120
Benefits from working with OpenShift
• Quick setup with Thorntail
• From code to test in <5 minutes
• Containers and microservices -> freedom in choice of technology
• High availability, easy to scale, automated recovery
New service initiatives• Flipping the script – business intelligence− Anonymize transactions and save them− Save age, gender and location− ”Women aged 20-34 prefer H&M to Zara in Stockholm
77% to 23%”− ”Zara gaining market share 0,3% per quarter since 2015”
• Synergy benefits by combining the new data with existing services
• MyData
• Digital receipts
• Anti-fraud services
TIME TO GO SUBATOMIC
Pain points
•Reflection
•SSL
•Could not get Web Service calls to work
•Application booted at build time
•Logging configuration
Thoughts on (native) migration
Hurts less in green field projects
but
Everyone should try JVM+Quarkus
Migration gains
Test case
• Jmeter
• 1 thread
• No CPU limit
• Calling the only mandatory endpoint
• ~10 minutes per test
Resource utilization
Resource utilization
Performance
QUESTIONS?
THANK YOU!Eero Arvonen, [email protected], +358 40 828 5459