Open Source Projects:

Use Case

Open Banking

Learn how in-memory technologies can satisfy the EU Revised Payment Service Directive (PSD2) in support of Open Banking.

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Overview

Why Open Banking?

Why Open Banking?

The European Union “Revised Payment Service Directive” (PSD2) will bring banking and financial institutions closer to enable bank customers, both consumers and businesses, to use third-party providers to manage their finances. Third-parties will now have access to bank data and customer data to create value-added services such as secured and unsecured loans, mortgages, etc. Welcome to the age of Open Banking; it will touch our day-to-day lives by providing services tailored to individual needs in purchasing, financial services, travel, health insurance, financial technology, and investing.

All of these opportunities will require:

Speed
Speed

Open Banking requires a different level of speed due to more complex back-end integration requirements across a broader range of services. This is where the speed of in-memory can ensure you thrive.

Scalability
Scalability

Open Banking exposes what had been a closed system to a broad array of service providers, all of whom require not just speed, but speed on a much larger and more complex scale. Hazelcast’s distributed processing architecture can help you stay one step ahead of a fast-moving demand curve.

Stability
Stability

The challenge with Open Banking is that if something fails on the back-end, it doesn’t just affect your bank, it impacts your entire payment ecosystem. A cloud-based distributed architecture provides instant redundancy, so system failures become a low probability event.

Security
Security

A groundswell of new companies accessing your back-end systems means more opportunity for fraud. Hazelcast IMDG enables fraud detection algorithms that easily exceed even the most stringent SLAs. This specific use case is one of our core competencies.

Hazelcast In-Memory Computing Platform

The optimal solution to the complexities of Open Banking

The optimal solution to the complexities of Open Banking

The Hazelcast in-memory computing platform delivers the necessary ingredients for success such as performance under higher workload, scalability both horizontally and vertically, support for analytic and transactional processing, cross-application programming language support and more. The platform natively integrates both Hazelcast IMDG (data storage and compute) and Hazelcast Jet (event stream processing) to present a platform for delivering elastically scalable Open APIs with ease.

Enable excellence and innovation across your banking ecosystem

5,000,000

Aggregations per second

Across multiple networks and transaction types

Security in Complex Environments

10K TPS w/SSL/TLS 1.2 w/Open SSL

Consistent security across a broad and dynamic payment ecosystem

Exceed expectations

Open Banking introduces substantial risk as well as opportunity across your partner and customer ecosystem. In-memory technology gives you the adaptability and speed needed to exceed performance and security SLAs under the most demanding conditions.

Meet burst requirements

Burst requirements in Open Banking are going to have much broader data sources and more integration complexity, while expectations will continue to climb. This is an ideal scenario for the speed, stability, and security enabled by distributed in-memory computing.

Improve performance

Hazelcast is delivering industry-leading performance at scale for some of the most demanding banks and payment processors in the world, while driving core enablement capabilities against a broad, complex, and demanding ecosystem.

Hazelcast enables the transition to Open Banking

Hazelcast enables the transition to Open Banking

The Hazelcast in-memory computing platform has Hazelcast IMDG at its core as the fastest in-memory data and compute layer. This allows a bank to hold all or active data sets in memory while integrating with disk-based stores like RDBMS, Hadoop, MongoDB, etc. Hazelcast Jet, which is a stream and batch processing engine, uses the IMDG to provide high-speed event processing with niche features like temporal sequencing, processing and comparing multiple event streams, performing analytical functions, etc. Hazelcast Jet is a Directed Acyclic Graph (DAG) engine ready for programming the business logic — once again cutting down on setup and integration time.

Features

Hazelcast in-memory computing platform for Open Banking key features:

Hazelcast in-memory computing platform for Open Banking key features:
  • Platform with integrated processing and data storage
  • Supports real-time and batch event processing
  • Temporal sequencing of events
  • Supports advanced analytical operations
  • Both Hazelcast IMDG and Jet built using Java programming language
  • Supports multiple programming language clients: C++, C#/.NET, Node.js, Golang, Python, Scala and others
  • Scale-up and scale-out of system resources
  • Ready-made connectors to consume events from various data sources
  • Easy to embed or integrate based on industry standard APIs, which is critical to Open Banking

Both Hazelcast IMDG and Jet do not have any dependencies and can be embedded in other applications. Built in Java, it is also very easy to integrate with other applications and services built using Hazelcast technology can be integrated with middleware like an Enterprise Service Bus (ESB), such as Mulesoft, to be exposed through APIs in the Open Banking ecosystem.

Hazelcast In-Memory Computing Platform

Hazelcast In-Memory Computing Platform

The leading in-memory platform for Open Banking.

Solutions

Hazelcast In-Memory Solutions

Hazelcast IMDG

Hazelcast IMDG is the leading in-memory data grid (IMDG) supporting Open Banking. IMDGs are designed to provide high-availability and scalability by distributing data across multiple machines. Hazelcast IMDG enriches your application by providing the capability to quickly process, store and access data from a broad and diverse range of sources, with the speed of RAM.

Hazelcast Jet

Hazelcast Jet is an application embeddable, distributed stream processing platform for building IoT and microservices-based applications. The Hazelcast Jet architecture is high performance and low-latency driven, based on a parallel, distributed core engine enabling data-intensive applications operating at real-time speeds in support of PSD2 compliance.

Hazelcast Cloud

The benefits of moving to the cloud are well known and applicable to virtually every industry. Hazelcast offers customers the flexibility to deploy to the cloud on their terms, whether it's a dedicated, on-premises, hybrid, or private cloud.

In-Memory Store and Cache

High-Density Memory Store adds the ability for Hazelcast Enterprise HD IMDG to store very large amounts of cached data in Hazelcast members (servers) and in the Hazelcast Client (near cache), limited only by available RAM for extreme scale-up.

Stream Processing

Stream processing is how Hazelcast processes data on-the-fly, prior to storage, rather than batch processing, where the data set has to be stored in a database before processing. This approach is vital when the value of the information contained in the data decreases rapidly with age. The faster information is extracted from the data better.

Machine Learning and Artificial Intelligence

The speed of the Hazelcast in-memory computing platform enables new levels of real-time predictive model servicing in support of delivering artificial intelligence solutions, as well as allowing real-time engineering and model retraining.

Free Hazelcast Online Training Center

Whether you're interested in learning the basics of in-memory systems, or you're looking for advanced, real-world production examples and best practices, we've got you covered.