International Research Journal of Engineering and Technology (IRJET)
e-ISSN: 2395-0056
Volume: 11 Issue: 08 | Aug 2024
p-ISSN: 2395-0072
www.irjet.net
Fortifying Financial Systems: Exploring the Intersection of Microservices and Banking Security Sumit Bhatnagar1, Roshan Mahant2 1Individual Researcher, New Jersey, USA 2LaunchIT Corp, Urbandale, IA USA
-------------------------------------------------------------------------***-----------------------------------------------------------------------and large. The strategy is based on the idea of dividing an Abstract- As part of their digital transformation,
application into a number of smaller services that serve a specific purpose. This makes the process of development and maintenance simpler, more efficient, and more scalable. Microservice architecture is especially helpful in the context of financial systems, which are frequently big and complicated and call for high levels of reliability and fault tolerance. We will discuss the advantages of utilizing microservice architecture in financial systems, along with the challenges to successfully implement this strategy, in the following paragraphs. Compared to organizations that specialize in financial technology, the majority of traditional financial services have become less innovative over the course of the past few years. This is mostly due to the fact that these services rely heavily on their big, monolithic legacy systems. To a large extent, these systems are highly stiff, and they frequently become maintenance headaches due to their limited adoption of new technologies and performance [1]. Overall, they are quite rigid. The adoption of system design that is more adaptive to changes, such as new technologies and faster performance requirements, is something that organizations that provide financial services are contemplating in order to maintain their competitive edge [2].An example of a service-oriented architecture (SOA) is the microservice design, which breaks down large applications into smaller, autonomous parts called microservices that can operate in tandem. [1, 2]. Microservices are also known as microservices. The ability to scale and operate a microservice independently at smaller granularities is one of its defining characteristics. which allows for a significant improvement in both the system's performance and its ability to be maintained. Every microservice, for instance, has the ability to adopt a variety of technological platforms that are optimally suited to the performance levels that it requires.
financial service companies can greatly benefit from the implementation of a microservice architecture. We can build a service-oriented architecture (SOA) application using the architecture to enhance its overall performance and maintainability. This enables the application to consist of several smaller components that operate independently and simultaneously. In the financial services industry, the accuracy of artifact states holds immense significance. Given that an inaccurate artifact state or anomalous artifact operation(s) could potentially ruin the entire application, it is crucial to conduct an analysis of the artifact operations within each microservice during the design process. In this study, we present a technique for identifying anomalies through the characteristics of artifacts associated with the microservice architecture. Following this, we identify the properties of artifacts. As a result of technological improvements and shifting client expectations, the financial sector is currently going through a tremendous upheaval. Among these advancements, microservices architecture has emerged as a key enabler of agility, scalability, and innovation in banking systems. This paper delves into the relationship between microservices and banking security, emphasizing the use of microservices to strengthen financial systems in the face of growing cyber security risks. The microservices architecture simplifies the development, deployment, and scalability of big financial applications by separating them into smaller, self-contained services. This modular approach not only makes the system more reliable and helps separate problems, but it also makes continuous integration and delivery (CI/CD) easier, which lets you respond quickly to changes in the market and new rules. However, the implementation of microservices introduces new security challenges, such as controlling inter-service communication, ensuring data integrity, and safeguarding against attack detection and protection.
The process of developing applications that use the microservice architecture frequently uses workflow models. These models assist in both the development of a microservice and the planning of its partnership with other service units. Conducting an analysis of artwork is absolutely necessary to ensure accurate workflow execution. We define artifacts as the data or objects specified, employed, or referenced by the operations within a workflow. Despite the well-behaved workflows,
Keywords -microservices, artifact anomaly, workflow INTRODUCTION In recent years, microservice architecture has garnered a lot of interest due to the numerous advantages it offers, particularly in applications that are both sophisticated
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