Deposit Book is an online platform and an open banking network connecting banks and Depositors globally for High-Value Deposits. In this project, Ajackus was identified as a technology partner to improve its slow performance and fix security issues.
Web App development
Deposit book is a global wholesale deposit marketplace used by Partner Banks, Depositors, Client Banks & Custodian banks. Their existing system was prolonged, had performance and security problems hampering the user experience, and impacted the business—Deposit book partnered with Ajackus to audit their current course and fix the problem.
After doing a complete audit of the codebase, we found two critical issues: performance problems, over normalization, and redundant code in the backend, leading to 210 REST API endpoints consumed by the front-end portals. We performed denormalization of the tables and refactored the code, improving the performance significantly. We also fixed all the security related issues like Sensitive Information Disclosure, Insecure Transport Layer Protection, Insecure file upload, Sensitive information in GET Requests, etc. identified as part of the security audit.
In a span of just 12 weeks, we managed to enhance their system security and speed up the system performance by optimizing the database structure and reducing the number of API endpoints to 155 from 210. Post which, Deposit book managed got regulatory approval by the Financial Conduct Authority (FCA), UK and partnered with Fintuitive, a UK based fintech, to provide the institutional clients of Fintuitive access to cash deposit and other products from regional and global banks.