This post is part of a series on a project I am doing to build banking architecture. In the previous post I discussed using the blockchain as an immutable distributed database store, for handling transactions and more. As with most initial proposals there are several problems associated with using the blockchain in this way, most immediately the fact that there is no incentive for mining the blockchain as Bitcoin is removed. »
Over the past few months I’ve been looking into banking infrastructure, and what it could look like if it was re-engineered with our current knowledge of software. I’ve touched on the UX experience for OTP, as well as started writing the payments portion. As I continue development on this project (feel free to follow along at Github), I continually question assumptions and look for the best alternatives available. My understanding of the banking industry at a software and hardware implementation level (server organisation, regulation application, failovers, etc) is fairly limited, but strong enough to make a decent attempt on how it could be done. »
As part of a larger project of building banking infrastructure, I have begun work on the payments processing aspect of it. This post will detail progress thus far, as well as considerations for future development with a focus on scalability, security and regulations. Adhering to a standard There is currently a standard for a variety of financial instruments in the form of ISO20022. There is a wealth of documentation on this standard, as well as hundreds of XSD files describing each XML structure per type. »