Fintech speeds up software production deployment cycles by 95% and launches new application aimed at reducing personal debt using Red Hat OpenShift and Red Hat Integration
Red Hat, Inc., the world’s leading provider of open source solutions, announced that Asiakastieto Group, a Helsinki-based fintech company, is using Red Hat solutions to build its new account information service, Account Insight, on an open banking platform. The firm uses Red Hat OpenShift for faster time to market and Red Hat Integration to centrally manage data sharing with business customers to deliver the most relevant, timely offerings to end consumers.
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Asiakastieto provides data innovations to support the banking, e-commerce, financial services and retail sectors with risk management, finance, administration, decision making, sales and marketing services. With the introduction of the European Union revised Payment Services Directive (PSD2), Asiakastieto identified an opportunity with its customers to analyze data from bank accounts to better understand the liquidity and cash flow of loan applicants, enabling more accurate credit assessments to be generated. Its vision was to help reduce loan repayment defaults and personal debt.
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To keep down costs for its customers, Asiakastieto looked for scalable technology with advanced automation capabilities and high availability and chose Red Hat OpenShift, the industry’s most comprehensive enterprise Kubernetes platform, as its foundation for containerized applications. To run modern, cloud-native applications with freedom of choice in technology, Asiakastieto implemented an open microservices architecture with the help of tools and frameworks from Red Hat Runtimes. Red Hat 3scale API Management provided Asiakastieto with a centralised, more secure interface to connect banks and credit grantors and to enable test and launch of changes via configuration, removing the need to build and redeploy code, which was disruptive to business.
Asiakastieto developed Account Insight in the spirit of open collaboration, hosting service design workshops with pilot customers and sharing its test environment with them to improve the application. The Asiakastieto team worked closely with Red Hat to adopt a best practice implementation of Red Hat open source technologies for the new solution to accelerate time-to-value for the business. This includes the introduction of Quarkus, which has enabled faster application development and developer productivity on Red Hat OpenShift thanks to significant reduction in resource utilization: Asiakastieto tests show that memory footprint was reduced by more than 90%, throughput was improved by 25%, and CPU consumption was reduced by about 70%.
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