With over 25 years of industry experience, Opus has enabled global banks and financial institutions to achieve better ROI through application modernization. Opus helps its customers deliver greater value and accelerate transformation with a well-defined modernization strategy.
Key Challenges Faced by Banks and Credit Unions with Application Services and Modernization
Reliance on legacy frameworks, which run core applications, makes it difficult to upgrade to the latest technology standards
Complex designs of monolithic applications that were built to be impenetrable codebases with a single unit handling every task
It is difficult to comply with the ever-evolving global payment standards and regulatory policies
Inability to integrate with APIs and microservices to leverage the open-source ecosystem
High costs and cumbersome maintenance are associated with monolithic applications and infrastructure due to the large codebase, lack of scalability, and non-reusable components
Tight coupling between application components makes it challenging to execute continuous integration and deployment
Failure to respond to the market at the pace of disruptive FinTech startups
Owing to the massive shift in the payments landscape, banks, credit unions, and service providers are being pressed to rethink their business models. To keep pace with changing market conditions, it is important to align business objectives with a service modernization approach. Opus excels at evaluating existing applications, defining the best approach for modernization, identifying the right target cloud, and implementing the improved application on the cloud. Through this, Opus enables its customers to drive collaboration, respond faster to market changes, and improve the customer experience.
Our Application Services and Modernization Solutions Include
Rebuilding and redesigning a new cloud architecture and OS designed to increase agility, flexibility, and scalability across critical business functions
Transitioning an application through a well-defined modernization framework that includes assessing application readiness, finalizing the right modernization strategy, choosing the right cloud host, designing the application for the cloud, and testing the application prior to deployment
Breaking up a monolithic application into microservices-based, smaller components for increased agility and scalability
Implementing containerization through an open-source platform, such as Kubernetes, to optimize the application’s load management
Employing serverless architecture to minimize the resources spent on managing servers while ensuring maximum efficiency
Enabling modernization for legacy mainframe infrastructure and applications for operational excellence and cost-effectiveness
Opus Delivers Transformative Benefits with Application Modernization
Enables integration with modern rapid development approaches, such as reactive microservices and vertex, that allow differentiated payment solutions with personalized experiences for consumers
Achieves compliance with BIAN (Banking Industry Architecture Network) and Open Banking standards
Automates workflows through cloud-native design, providing the performance, resilience, and security that banks need to future-proof their process orchestration
Delivers horizontal scalability via a distributed architecture designed for higher throughput
Offers a high degree of extensibility that allows financial institutions to achieve greater ownership of their systems and implement future changes without vendor assistance
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READ NEWSLETTERVIEW ALLFrequently asked questions
Application modernization services deliver a range of benefits in the transformation process, including improved user satisfaction, enhanced compatibility, increased productivity, robust security, and higher scalability.
In the payments landscape, a typical example of application modernization is upgrading a card management platform to work on the cloud. Such a modernization project will include workflow automation, employing microservices architecture, upgrading to cloud-native code, and enabling horizontal scalability.
The goal of application modernization is to reduce dependence on monolithic applications that were meant to execute all tasks independently. This inherent behavior makes these applications code-heavy, less compatible with external solutions, and cost-inefficient.
Application modernization is a process to upgrade monolithic applications for scale, efficiency, and security. The process involves examining the readiness of the application, identifying the right cloud service provider, automating workflows, testing it, and deploying the application in the cloud.
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