Use Of API And Microservices In Retail

Banking
• Financial Institutions like banks use API for ease of communication that act as an interface in
collaboration with the third-party providers while offering different services to the customers. API has
overall made user experience easier through low cost and secured transaction processing. With the
increased demand for seamless payments and banking options, banking APIs like account
authentication, account information, payment processing and loyalty programs are becoming
prevalent nowadays

• Microservices basically divides the banking architecture of monolithic applications to a set of services
that can interact via open APIs. The software become more adaptable , scalable and efficient to
deliver complex functionalities even after independent deployment

The Domain driven Microservice architecture searches for the initial bounded contexts and service
areas. Here different domains of retail banking namely Accounts, Transactions. Credit Cards, Loans,
Payment Wallet are designed and the agile practices are captured for requirement elicitation.
 User Stories:
User Epics Reason

Customer I want to login to my Net banking account In order to access the account ,view
account summary

Customer I want to check the balance of my net banking
account
Customer I want to check my user id of the particular
account
Customer I want to access the credit card page of my net
banking account
Customer I want to access my Loans page
Customer I want to view all my transaction details
So that I can perform different types of
transactions
Such that I view related information
about that ID
So that I can view the credit card
information and make transactions
So that I can view all my loan related
information
Such that I can know about all the
debit and credit transactions that
happened from my account
 Account Domain
For Logging In To Net Banking:
• For the login ID and password
• For managing the Forgot Password
functionality for the user
• For managing the Captcha during login
• For retrieving the email from server and
send email back to receiver
For Balance Check:
• One microservice to receive the request for
balance check
• Customer microservice for updating the account
balance for a credit transaction
• another event for deduction of fund from the
account (debit transactions)
 Account Services

Methods Used: Responses:

• User details
• Available balance, balance type 200 – Success Response
check GET

• IBAN PATCH
400 – Bad request
• Swift Bic Code PUT

• Bank ID DELETE 404 – Resource not found

500 – Network Error

Card Domain Services: Loan Domain Services:

• Emergency purchase • Type of loan personal, mortgage, vehicle etc

• Collection of monthly payment statements

• Credit scores

• Amortization services
• Protection during purchase of goods
and services
• Interest rate services

• Cashbacks and Rewards

 Transaction Domain Services

• Viewing all the transaction details (debit/credit) that happen Responses:

from the user’s bank account with external banking systems,
agents etc 201 – Success Response
• Transaction id , reference no check
• Withdrawals and deposits 400 – Bad request

• Handling the type of transaction(IMPS. RTGS, NEFT, sepa direct)

that will enable the fund transfer internally or externally 404 – Resource not found

500 – Network Error

Methods Used:

GET
POST
 NFR Microservice Architecture
• Multi tenant usage of banking microservices handled by gateway layers

• Safety measures like backup, recovery of information for maintaining business consistency

• Protection of account information, passwords and logout functionality for security purposes

• Data retention capabilities of microservices that is being utilized for most of the end user operations from a retail
banking account

• The entire microservices architecture in retail banking is easily scalable and independently deployable

• Each of the service architecture are managed by Firewall services for ensuring denial of service attacks during a http
request and avoid the phenomenon of IP spoofing

• Caching is another important criterion to be considered during the design of these microservices for avoidance of
unnecessary database roundtrips