Currency conversion engine integrates requirements of banks around the world
A major bank asked Paralucent to build a team to augment a currency conversion engine so that it could be sold to other banks around the world. Secondly, the team needed to be able to continue to adapt the engine for each new bank, which have different currencies, technologies and local policies.
Why the client partnered with Paralucent
Paralucent had previously partnered with the client and had established longstanding trusted relationships within the client organization. Paralucent also had access to the top-shelf talent needed to deliver on the demands of this promising new business. It has solution architects with subject matter expertise, as well as developers with experience using Go (Golang), the programming language chosen for the platform.
Every bank has a different set of rules, policies and supporting technologies. While the currency conversion and global money transfer systems were already built, the challenge became integrating the policies and technology of international banks with the Canadian offering to customize the conversion engine for each client’s needs and capabilities. A further challenge was to implement solutions with the lowest possible transaction latency (minimizing the time taken to move data).
The assembled team, partnering with the main client’s team, continues to develop high-performance custom solutions as the engine is sold to new banks around the globe. Where possible, the team is creating solutions that can be used for more than one client. The solutions already delivered include the establishment of servers nationwide that allow for easy connection and seamless failover to ensure near-100% network availability so that the systems can almost instantaneously execute transactions 24/7 from anywhere in the world.
The project took a team of five almost one year for the first phase, which included daily deployments to accommodate an ask from the technology.
This project will be ongoing for the next two+ years, and the bank expects this to be a $1-billion-a-year business.