Pismo, a global cloud-native provider of core banking services and bank card processing, has announced that a significant upgrade has been made to its authorization engine.
The company’s updated the mentioned functional system currently supports more than 3,000 simultaneous transactions for each customer account. This figure is ten times higher than the number of transactions in the previous configuration of the specified system.
Updating the authorization mechanism meets the requirements that large business clients impose on their financial institutions in an always-on world. This mechanism also supports organizations during high-volume traffic surges, payroll, and more. Such accounts require the highest levels of throughput, availability, and scalability. Over the next six weeks, the company will be upgrading all clients
Juliana Binatti, co-founder and CPO at Pismo says that the ledger is the heart of a banking system. The ledger manages account balances and limits, tracks change in the account balance, and checks whether there are enough funds to complete the transaction. Juliana Binatti says that in this case, speed and accuracy are pivotal. According to her, Pismo, by offering consumers a streamlined system capable of processing more than 3,000 simultaneous transactions per second in every single account, gives customers confidence that they will be able to deal with traffic surges.
The process of updating the platform took 18 months. This process included such stages as research, development, and extended testing. The company tested the enhanced ledger with the participation of a Tier 1 bank client. The implementation of the improved platform for the current customers will take place over the next two months. New clients will be immediately onboarded with this functionality.
For Pismo, as a cloud provider, updating the API is not something incredible, unusual, or sensational. The company provides more than 400 deployments on its platform every month. After being acquired by Visa International in January of the current year, the company remains network agnostic, operating with the leading card networks.
The firm processes more than 108 million accounts. Pismo has headquarters in Brazil and also has offices in the United Kingdom, United States, India, and Singapore.
As we have reported earlier, Barclays Bank Invests ￡3 Million in Trade Ledger.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
