This short video explains why companies use Hazelcast for business-critical applications based on ultra-fast in-memory and/or stream processing technologies.
Stream processing is a hot topic right now, especially for any organization looking to provide insights faster. But what does it mean for users of Java applications, microservices, and in-memory computing? In this webinar, we will cover the evolution of stream processing and in-memory related to big data technologies and why it is the logical next step for in-memory processing projects.
Now, deploying Hazelcast-powered applications in a cloud-native way becomes even easier with the introduction of Hazelcast Cloud Enterprise, a fully-managed service built on the Enterprise edition of Hazelcast IMDG. Can't attend the live times? You should still register! We'll be sending out the recording after the webinar to all registrants.
Hazelcast in-memory solutions modernize payment processing, accelerate bank and merchant performance, and improve customer experience.
Overview
Payment processing systems allow businesses to take payments for goods and services using credit cards, debit cards, and checks. These systems check the details received during the transaction by forwarding them to the respective card’s issuing bank or association for verification. During this process, the sponsoring organization will carry out a series of anti-fraud measures before settling the transaction. All of these payment process steps must happen before the transaction can be cleared (that is, while the customer is waiting).
With 24/7 global operations and hard SLAs, stability and automatic recovery are a must have since each step in the payment processing pipeline requires the lowest possible latency. Hazelcast delivers the ideal technology for payment processing systems, as it offers the lowest end-to-end processing latencies consistently. This is the result of combining data processing and messaging in a single solution with elastically scalable storage for caching data from 3rd-party systems.
Hazelcast is designed for low latency under heavy workloads, with no noticeable delays even at 5 million aggregations per second.
Hazelcast is designed for today's always-on, high-streaming workloads, and can be scaled easily due to its parallel, distributed computing core.
Hazelcast Jet and IMDG provide a distributed streaming and in-memory processing capability in an integrated solution across a variety of deployment models, simplifying implementation and maintenance while lowering TCO.
The ability to run multiple fraud detection algorithms in the time it takes to swipe a card keeps your customer and merchant transactions more secure, with no noticeable delay in processing speeds.
Reference Architecture
Hazelcast can be a fast, scalable, resilient, and secure foundation of your payment processing architecture, especially in the payment hub services component. Hazelcast can power the components described below.
The payment hub is responsible for three primary decisions:
Authentication. Payment authentication entails checking details of the transaction to ensure valid data was provided. Hazelcast can quickly check rules to authenticate the transaction. Fraud detection. Fraud detection entails checking against a large set of rules, or even a machine learning model, to make a prediction on whether the transaction is fraudulent or not. The Hazelcast speed advantage lets you create a competitive advantage by running more complex algorithms simultaneously within your stringent SLAs. This lets you more effectively reduce the risk of fraud while minimizing the likelihood of false positives. Network selection. For network selection, the payment hub identifies the most cost-effective network choice for a given SLA time. Hazelcast can determine this at near real-time speeds based on information and rules stored in-memory.
The payment gateway is a set of connectors to different networks. It understands the varied protocols and data formats across existing networks. Hazelcast provides a connector API for creating customer interfaces to deliver transactions to the broad range of networks that are available today.
The operational data store (ODS) stores all the information necessary to authorize and deliver transactions. This includes cardholder information, fraud detection model data, historical transaction history, payment gateway information, etc. Hazelcast stores all of this in-memory to enable the highest throughput of transactions with the lowest latency.
Use Cases
Hazelcast has been deployed in every component in the card payment processing ecosystem.
Hazelcast is used to speed up instant payment transactions, which are often plagued by cross-border incompatibilities. Interfaces tend to add bloat that slows down the transactions, and Hazelcast provides in-memory data access speeds to make payments truly instant.
The complexity of cross-border transactions represents the next major challenge for instant payments.
Hazelcast can accelerate the various components in an instant payment lifecycle.
10s of 1000s
Payments per second
Across multiple payment types, devices, and networks
Security at Speed
10K TPS w/SSL/TLS 1.2 w/Open SSL
Remove friction from the customer’s journey with no compromise
Keep everyone happy
Happy customers = happy merchants = happy payment processors. The right technology applied to the right process can add value across the entire supply chain.
Solutions that adjust to your needs
Scale up when needed, and down when not. Avoid over-capacity charges or (worse) struggling to keep up with demand.
Works with your existing infrastructure
Hazelcast in-memory solutions for stream processing and data grid applications are designed to work with your existing IT infrastructure, breathing new life into legacy systems.
Resources
Payment processing systems require extremely high throughput rates as well as millisecond-level latencies. By leveraging the Hazelcast In-Memory Computing Platform, businesses gain a significant performance advantage to successfully process high volumes of transactions. Hazelcast also provides the scalability to easily grow and adapt to changing transaction volumes, which is especially important during heavy purchasing seasons and events with loads that spike well beyond typical levels.
Fraud has become a significant problem across the global payments ecosystem. Regardless of whether you’re a bank, payment processor, card provider, merchant, etc. the impact of fraud is widespread, with broader and deeper consequences as the underlying technology continues to evolve. In this whitepaper, Hazelcast walks through the cause and effect of digital fraud, and how in-memory technology is poised to address this challenge directly. Learn how the Hazelcast in-memory computing platform provides the high-performance environment that payment processors will need to fulfill the market’s needs today and into the future.
This white paper covers relevant topics such as transaction process flows, business use cases, fraud detection, and multi-channel deployment - all based on existing Hazelcast customer deployments.
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.
