Deposit Book

Open banking network for wholesale deposits

Overview

Deposit Book is an online platform and an open banking network which connects Banks and Depositors globally for High Value Deposits. In this project, Ajackus was identified as a technology partner to improve the system slow performance and fix the security issues.

Project Name

Deposit Book

Services

Web App development

Domain

Finance

Deposit Book

Problem

Deposit book is a global wholesale deposit marketplace used by Partner Banks, Depositors, Client Banks & Custodian banks. Their existing system was very slow, had performance and security problems hampering the user experience and impacting the business. Deposit book partnered with Ajackus to do an audit of their existing system and help them fix the problem.

Solution

After doing a complete audit of the codebase, we found 2 critical issues resulting in performance problems, over normalization and redundant code in the backend leading to a total of 210 REST API endpoints consumed by the frontend 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 which were identified as part of the security audit.

The Results

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.

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