How We Created Scalable And Secure Microservices-Based Architecture For A Finance Application

A fintech company dealing in digital wallets approached Mindbowser to get a well-tailored user interface and stable product that can serve without hiccups as the product grows to million users. 

We performed a high-level analysis on the company’s existing application platform and understood the performance requirements. In this blog, we share how Mindbowser helped the customer build a highly scalable and secure platform architecture. 

Conceptualization of the system architecture

We put together a plan for the different pieces of the backend and frontend along with scaling, security, monitoring and many other aspects of the system.

  • The challenges were around handling all roundups and exchange related transactions to avoid any errors and make sure to develop a robust architecture around it
  • We considered separate microservices for each exchange integration so that it is loosely coupled with the main application and works independently. Adding and removing new exchanges to be made simpler 
  • Log Monitoring and performance monitoring of different parts done through open-source systems like Elastic Search, Logstash and Kibana and similar.
  • We considered some caching mechanisms to speed up the performance of APIs and the frontend.
  • Introduced API gateway to add extra security and API monitoring. This benefited the company to block or limit API request rates and comprehended third-parties that will be integrated in the future.
  • For autoscaling, we applied to dockerize the microservices with either K8s or ECS.
  • For security apart from the private VPC network, we used KMS for encryption at rest at the database and EBS level; also, IAM roles will be used to access databases and other resources to avoid any security breaches

We believe in the Clean Architecture principle, “The only way to go fast is to go well.”

 

Here is the system architecture that we built for the application putting together the different services

Bonus#1: To keep costs in check, we created a tentative budget for one environment and planned to use 3 or 4 environments depending on the needs. We extrapolated the numbers keeping in mind that the budget for other environments would keep reducing

Bonus #2: For execution, a CI/CD pipeline was put for different environments to work in cohesion along with an automated deployment strategy and steps. We automated code review before any build goes into planned environments i.e., stage/dev/QA/prod.

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With this summary, we share with you many things about microservices-based architecture. Our solutions have helped healthcare, fintech and insurtech companies scale up without a hitch while relying on the underlying architecture.

Pravin Uttarwar

CTO, Mindbowser

Pravin has 16+ years of experience in the tech industry. A high energy individual who loves to use out of the box thinking to solve problems. He not only brings technical expertise to the table but also wears an entrepreneurial hat – benefiting any project with cost savings and adding more value to business strategy. Pravin is also chapter director of StartupGrind Pune, hosting events and startup conferences.

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