Fintech company transformed legacy fraud detection application with cloud-based microservices architecture

Case Study

Fintech company transformed legacy fraud detection application with cloud-based microservices architecture

American fintech company transformed its legacy application with cloud-based microservices architecture. With 90% of code testing automated, they enhanced application performance by 70%.

OUR CLIENT

Founded nearly two decades ago, this U.S. software company helps businesses identify fraud and manage compliance. The company serves large enterprises and government agencies using the latest technologies, like artificial intelligence (AI) and machine learning (ML).

THE CHALLENGE

Needed application development expertise to modernize legacy fraud detection system

The client’s fraud analytics platform needed an overhaul. The application’s legacy technologies couldn’t scale to keep pace with growth, and the IT team couldn’t easily integrate the system with more modern third-party systems. Also, the dated, monolithic architecture delayed development cycles, so the company couldn’t rapidly deliver new revenue-generating features and functionality to customers. The company needed a technology partner with extensive software engineering experience to help design, develop, test and deploy a modern version of the fraud analytics application.

THE TRANSFORMATION

Deployed innovative cloud-based application using DevOps best practices and leading tools

Drawing on extensive fraud analysis product expertise, the project team assessed the company’s existing technologies, goals for the new solution, and go-to-market strategy to transform the legacy application into a modern, component-based cloud architecture. From that assessment, the project team kicked off the development effort by migrating the monolithic application to a web-based infrastructure with reusable microservices. The application featured optical character recognition (OCR), using AI, ML, and data analysis, to rapidly process purchase receipts to pinpoint potential fraud. To ensure efficient continuous development processes, the project team:

THE IMPACT

Delivered tremendous application development improvements and customer benefits

The new modern, cloud-based fraud analysis application helped the software engineering team:

From a fraud detection standpoint, the new application found $3 million in previously unidentified duplicate payments in just one year of historical data analysis. This indicates the solution will significantly improve the company’s core mission to help businesses detect fraud and financial errors. With the new automated OCR functionality, the company’s customers can now track, monitor, and analyze 100% of their payables data without manual intervention. The new AI and ML-based entity extraction capabilities have helped customers reduce manual audit efforts by 50%.

RESOURCES

Product Engineering Services and Solutions | UST

Software Product Engineering | UST

Financial Consulting Services and Transformation Solutions | UST