On the one hand, business is being pushed to deliver a better customer experience responding to opportunities in weeks, and on the other hand, core IT is tasked with delivering a stable service 24/7 which can only be delivered in months (or more) because they must follow rigorous processes.
Ostia’s Portus product addresses this problem by creating simulations of what core IT provides, that are 100% functionally accurate, enabling the business to deliver to the timelines they need without effecting core IT while saving time and money...so you can have your cake and eat it!
Customer facing business units need to react to market trends and customer desires with new apps or campaigns that need IT functionality released in weeks to ensure happy customers, increased revenue and increasing profit.
Core IT must support multiple business units and it is required to implement changes or access to complex core IT systems reliably, securely and avoiding any risk to the operation of the business as a whole. This by definition is a slow process and can take time due to the rigorous processes that have developed over the years to manage increasingly complex risk.
There are excellent competitive advantage opportunities for banks that manage these conflicting requirements effectively.
Our product enables the business unit to respond to opportunities in the timeframes the market requires by creating 100% functionally accurate simulations of relevant core IT services.
This results in sets of reusable IT assets that can be used again and again.
Major advantages to using a simulation approach to Fintech software product development:
- The business can build and prototype new products/applications in weeks without impacting on core IT, or using any data managed by core IT.
- This enables a project to quickly determine if their approach is viable and an ability to easily change direction to ensure the customer or market demand is being addressed properly.
- Once viable prototypes have been developed, a precise view and specification for what is needed from core IT can be communicated.
- Core IT can benefit by using the simulated services as part of their integration process for new application by ensuring that the services are being used in a compliant fashion and to assess the impact the new app will have on core IT for capacity planning purposes.
- A quicker and better prototyping process for applications with better defined requirements will lead to more focussed requests to Core IT thus helping to reduce pressure but also avoiding wasted effort for projects that do not proceed.
This is a proven concept:
Ostia have over a dozen other clients using this technology including some of the top banks.
Ostia’s Portus has been implemented within a large European bank over the last 9 months which helped the bank to:
- Significantly reduce their development and testing costs. This has resulted in the postponement of a mainframe hardware upgrade saving €? Million.
- Improve the development process by allowing developers and testers to work easily in parallel.
- Maintain Data Compliance
- Gain the cost benefits of using offshore testers offshore as one of our customers had to maintain them onshore until we simulated their services with synthetic data thus enabling them to be offshore and eliminating the additional costs required to maintain 130 people on shore.
Ostia are working with a mobile banking platform provider to set up test environments to prove interfaces into market data and therefore significantly reduce the cost and time to deliver the project.
This is innovative
- We can create a functional service literally in hours. Others take days or weeks and an army of people to achieve this.
- We solve the problem by creating the service and the synthetic data allowing a full range of testing to take place.
- We do not need access to core IT infrastructure or data. This means we can run in the Cloud or on Premise.
We have a number of proof points:
- Our latest customer in Norway evaluated us against the biggest players in this market and the customer chose Portus.
- Some of these big players resell our technology to address the issues that their products can not.
Six ways Portus can reduce both the time and cost of your fintech project?
- Ostia create simulations of sets of core IT services in the Cloud or on commodity hardware and software (‘mini-mes’) with limited/ or no impact on core IT.
- A set of these services can be made available to a developer or tester in minutes so that they can be much more efficient than when sharing environments.
- Having these sets of services available can significantly reduce the cost of existing development, testing, training and support processes and infrastructure as they can be simulated instead of requiring the real (and very expensive) hardware and software as is required today.
- This significantly speeds up the development and deployment process.
- For example, if you were developing a new mobile phone banking feature, and it needed to connect to core IT in the bank, access to a test system or a new test system would have to be created. This is expensive and can take months to do. Ostia eliminate that requirement by creating simulated copies of the services required.
- Ostia are currently developing a reusable library of banking messaging standards (e.g. FIX, SWIFT, EDIFACT etc.) that can then be used immediately as required off the shelf leading to further time and cost savings for the bank.
See Case Studies, whitepapers and more on our resources page.
Learn more about what we offer on our services page.