Business Need

The client is a trusted provider of clearing and settlement services across multiple financial markets. Over the years, they have assumed various roles and continuously evolved to meet the changing dynamics of the industry.

The client has successfully developed, implemented, and managed the Reserve Bank of India (RBI)-owned anonymous electronic trading system for G-Secs. They have also established an electronic trading platform facilitating seamless electronic dealing in the Call, Notice, and Term Money market. These platforms continue to play a vital role in enabling efficient and secure transactions.

Given their criticality, it was imperative that the platforms remain efficient, reliable, and agile. The client thus wanted to optimize their platform functionality to stay productive, efficient, and agile.

Business Challenge

The client faced several challenges with their existing websites, platforms and applications including:

• Outdated technology and high maintenance costs: The platforms were developed using outdated technology, leading to compatibility issues and escalating maintenance expenses after years of use and numerous maintenance cycles.
• Performance issues: The outdated websites and applications were prone to performance bottlenecks, leading to slower response times and inefficiencies in handling a growing volume of transactions.
• Lack of agility: The legacy platforms lacked the flexibility and adaptability needed to swiftly respond to changing market demands.

To address these issues, the client sought NuSummit’s expertise in platform modernization due to our extensive experience and domain knowledge.

Business Solution

NuSummit began with an Application Portfolio Rationalization Assessment, comprehensively evaluating the client’s enterprise applications, systems, and infrastructure. This assessment considered functionality, business value, technical debt, maintenance costs, usage patterns, future compatibility, and other relevant aspects. This data-driven approach provided the client with insights into the value and impact of each enterprise application, enabling a well-defined modernization roadmap.

Following the roadmap:

• External-Facing Websites: Made adaptive for consistent functionality and optimization across devices and platforms.
• Intuitive Data Access: Incorporated queries and filters for streamlined data retrieval, enhancing usability and accessibility for users.
• Enhanced Analytics and Visualization: Added modules to offer actionable insights from data, empowering users to make informed decisions and increasing the platform’s value.

Tech Stack

• Apache Tomcat
• Spring Boot

• PostgreSQL

• Liferay
• JasperReports

• Java 8

Leveraging NuSummit’s expertise, the client significantly improved flexibility, performance, and user experience, positioning them for growth and adaptability in a dynamic market. Key outcomes included:

• Improved flexibility, speed, and performance
  
  • Seamless adaptation to changing business requirements.
  • Rapid scalability to handle increased workloads without compromising efficiency.
• Accelerated time-to-market with shorter releases
  
  • Swift deployment of innovative products, services, and features.
  • Gaining a competitive edge by keeping up with market demands.
• Optimized user experience
  
  • Uninterrupted access to a large user base.
  • Efficient utilization of platform resources.
  • Near-instantaneous (~3 second response time) interactions for a smooth user experience.
  • Enhanced user satisfaction and engagement.