The banking industry is pacing the shift towards real-time payments, but it is overlooking some practical tech considerations. The most noteworthy being the disjointed and unstructured links between the old legacy system and new SOA (service-oriented architecture) platforms.
Regrettably, all we can see in the marketplace are some financial companies, in their efforts to upgrade their tech, are ignoring some fundamental aspects that may affect their future. With SOA systems rapidly replacing the legacy core systems, businesses will quickly lose control while trying to swap transactions from one platform to the next.
The outdated legacy mainframe had software systems to monitor job schedules and have them run at specific times to produce posting files and balancing reports. As a result, it was easier for mainframe console operators to tell when a file was late, or a job was not completed.
SOA platforms, however, offer very little of such “control” between …