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How can you validate Fintech products for legacy system interoperability?

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Fintech products are innovative solutions that leverage technology to improve financial services and processes. However, they often need to interact with legacy systems that are outdated, complex, and rigid. How can you validate Fintech products for legacy system interoperability? Here are some tips to help you ensure your Fintech product can work smoothly with existing systems and avoid costly errors and delays.

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Munish Gupta

Software Architect | Engineer | Analyst | Transformation Agent | Mentor | Learner | Innovator | Thapar Alumnus
Somil Goyal

Future of Work, FinTech, Energy, Art

1 Identify the requirements

The first step is to identify the requirements and specifications of the legacy system that your Fintech product needs to connect with. You need to understand the data formats, protocols, standards, security, and performance of the legacy system, as well as the business logic and rules that govern its operations. You also need to know the expectations and needs of the end-users and stakeholders of the legacy system. You can use various methods to gather this information, such as interviews, surveys, documentation, testing, and observation.

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Munish Gupta

Software Architect | Engineer | Analyst | Transformation Agent | Mentor | Learner | Innovator | Thapar Alumnus
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When identifying requirements for a Fintech product to interoperate with a legacy system, consider data formats and communication protocols, as well as any security, functional, and performance requirements. Understand the specific business rules of the legacy system, such as data validation or transaction processing rules.

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Somil Goyal

Future of Work, FinTech, Energy, Art
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In my experience, too much time is put on topics which are important but easy to change, e.g. customer journey (there are many possibilities), user experience (needs to be changed regularly), exact business logic (also changes often). My successful integration projects spent more time on requirements for information security, regulatory compliance, audit, etc. We got exact requirements on these topics and agreed a plan to achieve them in a step-by-step fashion. This set us up for success.

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2 Design the integration

The next step is to design the integration strategy and architecture for your Fintech product and the legacy system. You need to consider the best approach to integrate the two systems, such as direct, brokered, or hybrid. You also need to decide on the integration style, such as point-to-point, hub-and-spoke, or bus. You need to define the integration components, such as adapters, connectors, middleware, APIs, or microservices. You need to ensure that the integration design meets the requirements and specifications of the legacy system, as well as the functional and non-functional requirements of your Fintech product.

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Somil Goyal

Future of Work, FinTech, Energy, Art
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When I managed legacy systems at large companies, we had a lot of integration points and methods. This caused its own problems - internally and for fintech integration. A successful strategy is to pick one method and stick to it. The choice of method depends on the technical capabilities of systems/ teams (at the FinTech and the legacy team). It also depends on exact use case, e.g. REST APIs are good for many use cases but not for low latency or very high volume, an SFTP is very good for infrequent user journeys (e.g. month-ends).

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3 Implement the integration

The third step is to implement the integration solution for your Fintech product and the legacy system. You need to use the appropriate tools and technologies to develop, deploy, and configure the integration components. You also need to follow the best practices and standards for coding, testing, debugging, and documentation. You need to ensure that the integration solution is reliable, scalable, secure, and maintainable.

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4 Test the integration

The fourth step is to test the integration solution for your Fintech product and the legacy system. You need to use various testing techniques and tools to verify the functionality, performance, security, and usability of the integration solution. You also need to use different testing environments and scenarios to simulate the real-world conditions and interactions of the two systems. You need to ensure that the integration solution meets the expectations and needs of the end-users and stakeholders of the legacy system, as well as the quality and compliance standards of your Fintech product.

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5 Monitor the integration

The fifth step is to monitor the integration solution for your Fintech product and the legacy system. You need to use various monitoring tools and methods to measure, analyze, and report the performance, availability, and reliability of the integration solution. You also need to use various feedback mechanisms and channels to collect and address the issues, errors, and suggestions of the end-users and stakeholders of the legacy system, as well as your Fintech product team. You need to ensure that the integration solution is continuously improved and optimized.

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6 Review the integration

The sixth step is to review the integration solution for your Fintech product and the legacy system. You need to use various evaluation tools and criteria to assess the effectiveness, efficiency, and satisfaction of the integration solution. You also need to use various improvement tools and methods to identify and implement the lessons learned, best practices, and recommendations for the integration solution. You need to ensure that the integration solution is aligned with the goals and objectives of your Fintech product and the legacy system.

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Somil Goyal

Future of Work, FinTech, Energy, Art
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One thing I have found helpful is to get external certifications and audits on the FinTech side, e.g. ISO, SOX. These take time and cost (usually around 3 months and $50k for a small-to-mid FinTech), but help get approvals for many integration projects.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you validate Fintech products for legacy system interoperability?

1

2

3

4

5

6

7

1 Identify the requirements

2 Design the integration

3 Implement the integration

4 Test the integration

5 Monitor the integration

6 Review the integration

7 Here’s what else to consider

Financial Technology

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How can you validate Fintech products for legacy system interoperability?

1

2

3

4

5

6

7

1 Identify the requirements

2 Design the integration

3 Implement the integration

4 Test the integration

5 Monitor the integration

6 Review the integration

7 Here’s what else to consider

Financial Technology

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