FidorTecS Empowers Companies Across All Industries to Offer Innovative, Web 2.0-Based Banking and Payment Solutions
 
 

FidorTecS Empowers Companies Across All Industries to Offer Innovative, Web 2.0-Based Banking and Payment Solutions

FidorTecS AG—a software company for the banking sector—is a fully owned subsidiary of Fidor Bank AG, an online banking system that employs Web 2.0 technologies to drive financial services innovation in internet payments; peer-to-peer lending; financing; and trading; as well as crowd funding, or virtual currencies. As consumers develop behavior patterns for using social media tools, they also look for new ways to interact and engage with banks. FidorTecS acknowledges these changes and offers a one-stop solution to help financial services providers and companies across all industries to complement their commerce systems and make sure technical development keeps pace with the speed of the market—thanks to one of the most innovative banking and community-applications platforms in the industry.

 
 

 
 

Challenges

A word from FidorTecS AG

  • “We rely on Oracle technology to stay a step ahead of the market. Before others got an idea for a financial product—such as cost-efficient crowd funding—we already had it live, and MySQL helped with that. We have evaluated other databases, but we based our expansion on several MySQL instances because we consider MySQL Enterprise Edition by far the best database solution for our organization in terms of costs versus performance.” – Andreas Hellwig, CIO, FidorTecS AG

  • Develop a simple, yet cost-effective and high-performing Web 2.0 banking platform to meet the increased mobility demands of banking customers, make banking transparent and as fast as technically possible, and ensure financial services scalability
  • Provide banking customers with reliable and secure interfaces for managing a wide range of internet and mobile banking transactions—such as fast worldwide money transfers, peer-to-peer lending, and precious metals investments
  • Offer startup companies across all industries the logistics, technical capacity, and legal compliance they require for today’s money transactions—for examples, e-commerce payment solutions and crowd-funding solutions
  • Enable the organization to deploy its service offering to major banks by making sure that the platform can scale and handle large transactional volumes
  • Allow young startups in crowd finance and social trading to join the Fidor smart-app environment and participate with the Fidor banking network
  • Establish tools to identify potential issues—such as vulnerabilities of financial data security—and fix them before they impact system performance

Solutions

  • Used MySQL Enterprise Edition 5.5 as the database foundation for the organization’s application software platform that enables businesses and private banks worldwide to offer faster, more innovative, and transparent financial services through mobile and web-based banking
  • Accelerated time to market for innovative financial services—such as cost-efficient crowd funding and emergency money borrowing—by reducing the time to develop new database operating environments from hours to minutes, thanks to MySQL’s simple installation, configuration, and scripting
  • Cut time to send money around the world from days to seconds with fully integrated, transaction-safe MySQL databases that enable the capabilities for the system to commit to transactions and perform rollbacks, crash recovery, and row-level locking—a set of properties that guarantee database transactions are processed reliably, data is not corrupted, and results are not distorted by exceptional conditions, such as software crashes and hardware malfunctions—improving transaction transparency, security, and the customer experience
  • Enabled white-label customers (such as the modular Brokertain platform) to sell innovative trading services, like the Bitcoin peer-to-peer options with a sheltered Fidor license
  • Provided high availability for executing millions of daily transactions rapidly and accurately—such as fee transfers, online payments, debit card recharges, and account balance queries—thanks to a highly-performing and reliable database platform
  • Enabled companies across various industries to operate financial services, such as crowd funding, without deploying core-banking software or requesting a banking license—such as from the Federal Financial Services Authority in Germany
  • Enabled Fidor Bank’s customers to suggest products and services, provide assistance and advice to other customers, and receive financial rewards based on user community ratings—eliminating the need to operate a costly and labor-intensive network of branches and financial advisors
  • Achieved scalability requirements for onboarding a large universal bank—which will bring millions of new users to Fidor Bank’s financial services platform—by managing the additional data-load and performance requirements with the MySQL Thread Pool, a highly scalable thread-handling model designed to reduce overhead in managing client connections and statement execution threads
  • Enabled browser-based financial applications and services that work on all devices from desktop computers to smartphones
  • Ensured 24/7 system availability using MySQL Enterprise Monitor for monitoring, performance analysis, and debugging to solve incidents in real time with input from Oracle Premier Support

Why Oracle

“MySQL Enterprise Edition includes the most comprehensive set of advanced features, management tools, and technical support in the market and plays an essential role in our innovative banking applications. It is simple to use and to develop on, is cost-effective, and meets our technical requirements perfectly—contributing significantly to the fact that we will reach breakeven one year ahead of schedule,” said Andreas Hellwig, CIO, FidorTecS AG.