Financial Services
IT modernization lowers costs for Capital Market
Age-old applications built on legacy technologies were affecting the client’s investment banking functions. Iris modernized the existing application architecture and helped the client save tremendous costs and turnaround time.
Client
A major financial institution
Goal
Re-engineer key compliance application for greater efficiency
Tools and technologies
Oracle 12c, 19c, Elastic, Java and Kafka
BUSINESS CHALLENGE
The client’s existing database application architecture was resulting in poor performance that was adversely affecting 10,000 investment banking functions. The age-old application posture was disrupting the compliance process for the global M&A, IPO, and other financing deals. The client’s customers were encountering problems such as regulations access, inconsistent or unusable data/deal search results, lagging database updates, delayed response time. The need for a capable system to support duplicate searches, and increasing ad-hoc IT redress efforts and costs were other prime concerns.
SOLUTION
Our tech experts re-engineered the entire compliance application and set up a new software system. We upgraded selective elements to improve the infrastructure performance and usage feasibility. The modernized system with new technology architecture streamlined processes and enabled faster, more advanced interactions between the information databases, search queries, and retrieval mechanisms. Complex procedures and the process of viewing features were also simplified.
OUTCOMES
- Reduced system issues by 93%, while 7% tackled subsequently
- Reduced enterprise-level license costs significantly
- Improved advanced search features
- Reduced costs of multiple searches per document by $200,000 per year
- Enabled views generation for info responses in <3 seconds
- Reduced system maintenance and development efforts by 20%
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Get in touchGlobal Standards organization increases business agility
Standards & Membership
Global Standards organization increases business agility
Existing applications supporting the business were built on monolith architecture with high technical debt. Iris transformed over 15 years old monolith applications into microservices with automated integration and cloud deployment to deliver faster MVPs.
Client
A non-profit global organization responsible for developing and maintaining standards, including barcodes with over 115 local member organizations and over 2 million user companies
Business Drivers
To deliver MVPs in shorter cycles, reduce Mean Time for Ticket Resolution (MTTR), and lower the total cost of ownership
Technologies and Frameworks
C#/.NET Core, Python/DJango, NodeJS/Express, Azure WAF, Azure APIM, App Services, Azure Kubernetes Service, Azure Monitor, Application Insights
BUSINESS CHALLENGE
SOLUTION
Azure cloud offered some of the foundational features like container orchestration, app engine, integration, API gateway, monitoring and others, making cloud-specific modernization a natural choice.
Modernization strategy involved reverse engineering of on-premise applications, domain-specific grouping the product backlogs by, adopting domain-driven design, and using open source cloud-friendly software with CI/CD pipeline. We transformed the applications to a .NET core framework using cloud-native design principles on Azure cloud. The solution was developed using Azure App Services, front door and service bus following the agile development approach with two-week sprints.
OUTCOMES
Iris helped the client realize multiple business benefits, including higher agility, resiliency and cost-efficient IT operations. Key outcomes of this cloud modernization engagement are:
- Reduction in Mean Time for Ticket Resolution (MTTR) by 30%
- Increase in application and infrastructure uptime to 99.9%
- Real-time visibility of application and infra metrics
- Enabled bi-weekly MVP delivery
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Get in touchCloud-native app opens new markets
Cloud
Cloud-native app opens new markets
A prominent bonds trading network expands its market reach with new products and geographies.
Client
The world’s leading provider of trading services for fixed income products
Goal
Create an IT architecture to support growth across markets and products
Tools and technologies
AWS Cloud, Java, Springboot, React JS, React, Redis, Kafka, C#, Ranorex and Test Rails
BUSINESS CHALLENGE
A market leader in bonds trading was expanding to new markets, acquiring businesses, introducing products and adding features to existing offerings. To support its growth plans, it needed an agile and modern cloud-based platform.
With the new solution, the client wished to achieve scale with minimal latency in operations and service, integrate new businesses without disruption, roll out features faster to improve customer experience and get a competitive edge, use data to help customers make better trading decisions, and monetize the data.
We had to not only create a new IT architecture for the client’s trading platform but also constantly re-engineer and improve the architecture to quickly meet emerging business needs.
SOLUTION
We deployed a scalable, highly available auctions solution on the AWS cloud using Java, Springboot, React JS, React, Redis, and Kafka.
Optimized algorithms now achieve best matching with minimal latency while offering full price transparency. Artificial intelligence (AI) and machine learning (ML) provide greater insight and real-time price discovery for specific asset classes.
The cloud-based architecture enabled the client to create products and monetize market data. Test automation across the trade lifecycle using a combination of C#, Ranorex, Test Rails helped the client update user interfaces (UI) without reducing performance. It also eased integration linkages between the acquired solution’s frontend and the client’s existing backend.
OUTCOMES
- Significantly speed up time-to-market for new releases
- Make releases several times a year
- Offer customers trading in Muni bonds (an acquired product) and U.S. treasuries (a new service)
- Support Chinese markets
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Get in touchSetting a high standard for member experience
Standards & Membership
Setting a standard for member experience
We helped a global standards organization build a cloud-native microservices-based platform to store and share data on billions of products with members.
Client
One of the world’s leading retail standards organizations.
Goal
Build a 24x7 cloud-based platform capable of storing and sharing data on billions of products.
Tools and technologies
Java, Python, NodeJS, .NET, Azure PostgreSQL, Azure SQL, MongoDB, Redis, Azure DevOps, Pipelines, Git, Docker, Kubernetes and Azure App Service.
BUSINESS CHALLENGE
Our client is a global standards organization. Its products and codes are used by millions of brand owners, retailers and supply chain partners around the world.
The organization needed an always-on, scalable cloud-based platform capable of storing and sharing data on billions of products and related information with members and partners across the world.Â
The client also wanted to onboard member organizations quickly and seamlessly. They wanted business capabilities developed on a platform that will serve as modern and secure enterprise-level APIs.
SOLUTION
Iris chose a microservices architecture for high agility, loose coupling, independent deployability and maintainability. We followed an API design-first approach and designed according to the standards-based API specification (OpenAPI Specification).
For securely publishing and maintaining APIs, our team deployed the Azure API management solution. We used Azure APIM developer portal to deliver a superior developer onboarding experience. The solution enabled design and implementation of the Azure Virtual network for securely hosting the platform. It also allowed comprehensive performance testing and optimization to meet strict SLAs, and enabled security testing and vulnerability assessment to ensure secure APIs. The solution featured a cloud-native architecture using the Azure AppService and an Azure-managed Kubernetes platform.
OUTCOMES
- A robust and secure API platform that handles 200,000 API requests per day.
- 50 million codes uploaded in 40 product categories across more than 130 countries
- A portal that is capable of quick onboarding of application developers.
- New 7-step verification mechanism led to the creation of new revenue streams.
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IT modernization lowers costs for Capital Market
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Global Standards organization increases business agility
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