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Bespoke solutions: Palmyra

The world's financial markets are undergoing massive changes in structure and regulation, leading to widespread reviews of current supporting legacy technology. New systems and new functionality will be needed to accommodate political and regulatory agendas and open up new business opportunities. In order to meet recent challenges, financial institutions in the capital markets require fast, well-tested development able to create new functionality.

Vermeg's service-oriented architecture is founded on Palmyra, its own Java EE technology framework. Based on industry standards, Palmyra is utilised for the development of reusable, reliable and scalable component-based applications which satisfy banking and financial technology requirements. Vermeg operates under a strict process of control that groups together an astute combination of analytical methodology, design, code generation, benchmarking and testing tools. Palmyra's reliability has been tested and proven, honed during the most demanding period of financial systems development. Palmyra allows Vermeg's clients to keep pace in a rapidly changing financial market. Security across the suite is paramount in meeting the high expectations of top class financial institutions.

Palmyra has been awarded the IBM SOA Exploit label after successfully fulfilling IBM's rigorous SOA technical and business requirements


Benefits:

  • Higher quality software- By reusing components from Palmyra, clients benefit from rigorous testing and code review, which improves the quality of the code and leads to faster deployment.
  • Faster time to market with shorter development cycles- Palmyra shortens development timescales, as over half of the work has already been achieved due to previously made business and technical components. The result is a greatly accelerated software development cycle that improves quality, while enabling clients to quickly cope with regulation changes and new business requirements.
  • Easy integration - Deployable from front office to back, Vermeg's SWIFTReady solutions are easily integrated with web portals, as well as in-house and third party applications, use industry standard web services and suport numerous standard formats like XML, SWIFT and FIX.
  • IT flexibility- Product design and architecture are based on a thin client. Applications are web-enabled and infrastructure independent, guaranteeing compatibility with any operating system, relational database management system, web server application, messaging service, middleware and network. Clients can therefore leverage existing IT infrastructure and expertise, resulting in a non-threatening and non-intrusive addition to current architecture. IT flexibility allows financial institutions to gain considerable cost benefits across their enterprise and ensures compatible solutions are directly suited to their needs.
  • Scalability and high volume processing- Palmyra is fully-threaded for performance on multi-CPU machines, achieving high watermark results, and can handle rapid volume growth now and in the future. Globalisation needs can be met, as Palmyra facilitates the implementation of an ASP model or the implementation of a global/regional hub of expertise, producing an in-house and industry standard approach to domestic and international business structures.
  • Lower cost of ownership- A substantial decrease in the cost of ownership with either high or low volume business and an accrued annual savings benefits turns the cost into an eventual return and an early ROI.

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