Network As A Service: Financial Services Innovation

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Network As A Service: Wisest Path to Realizing Financial Services Innovation in the Cloud Era

The financial sector is among the most paced and rapidly revolutionized verticals in today’s global economy. To maintain future-proofing business transactions and improve the customer experience and even operational networks, many financial services firms are questing for more agile ways of consuming and running IT. That’s where NaaS (network as a service) came into place to multiply the pace of innovation and deliver customer-centric services.  

As per the market research firm Global Market Insights, this networking industry will show an annual increase of 35% in the world market from 2020 to 2025 and is also expected to grow from USD 5 billion to 50 billion. 

After all, flexibility, compatibility, reliability, and speed of networks have become the norm for today’s financial industry. A strong network can pave the way for financial services firms to experience a seamless transition from legacy environments to more agile systems.

Cloud-Native Technologies

The potential cloud-native technologies such as Artificial intelligence (AI), Machine learning, and cloud computing applications are tremendous for achieving a robust network for all financial services institutions. Embracing faster innovation and encountering better management of risk and fraud, it’s high time to harness the ability to apply automation to processes, speed up deployment times, and manage the power of efficient data. 

To open up these opportunities, Network as a Service drive digital transformation by developing seamless connectivity between various cloud service providers, be it Google Cloud Platform, Amazon Web Services (AWS), or IBM Cloud. In fact, this strong connectivity also helped with the pursuit to establish a connection between fraud detection solutions, AI-based financial modelling tools, and risk management software.  

NaaS (Network as a Service): The future for financial services

Cloud computing solutions have been the ultimate target falling under the thriving financial services strategies. The ability to use various types of clouds for a specific workload has presented numerous benefits, such as minimizing risk, finding out the best technology for every task, and managing or abiding by regulatory compliance. With NaaS, the financial services firms are not bound to stay connected with one vendor.

It will be like a free spin wheel to invest or capitalize on the multi-cloud services to establish flexible, scalable, and secure connectivity with the platforms and resources. Eventually, this act will drive agility and speed in the workplace and offer future-proof services by incorporating the latest and best technology available in the market.

What’s more, NaaS (Network as a service) also works to enable effective compliance with the regulatory regimes and their respective norms by using multiple clouds and placing critical and sensitive data on the most appropriate cloud. After all, simplifying the deployment of unnecessary connections is the perfect way to work on a customer-centric approach.

Network As A Service: Wisest Path to Realizing Financial Services Innovation in the Cloud Era

Network as a Service is quite flexible

There is no denying the fact that people are quite sensitive and always look for those solutions that give stupendous benefits than what they spent. This happens with the choosing of the right solution, right provider to allocate the right workload. But NaaS (Network as a service) supports flexible bandwidth that dynamically matches cloud capacity, adjusts to every requirement, and further increases cost efficiencies without disrupting the existing legacy systems.

However, an early step on this journey is to unlock the new and innovative solutions and create an organizational structure that’s quite open to adapt to change, resilient to take risks, and fit for the futuristic goals. Getting the right network connectivity for financial institutions and corporate requires finite discipline and proper structure to stay engaged with the happening world. 

How we implement Network as a Service in ECS Fin

ECS Fin is bridging the way for corporates with BankHub solution to implement an efficient and consolidated connection scheme and create the hub of networks with different banks without manual intervention. Additionally, CorpLink is also extending its wings by helping banks to generate new network connectivity irrespective of the multi-protocol scheme (FTP, web service, API, MQ, among others) to enjoy a centralized connection with the financial institution in terms of formats, security, and protocols.  

Core Benefits of BankHub and CorpLink

Let’s bring the spotlight to the ultimate benefits of incorporating Bankhub and Corplink in the form of NaaS.

Availability

The first and foremost benefit of having these networks is to avoid any downtime of critical services. NaaS and XaaS offers dependable connectivity for financial services to reap the full benefits of IoT devices and factory automation with 24x7x365 uptime. It keeps companies connected across various facilities and connections available by eliminating downtime and reducing capital costs.

Simplicity

There is a need to embrace a simple and scalable connection that can quickly scale networking in line with the existing demands and challenging workloads. Moreover, it's a perfect solution that provides an organization confidence to have a dependable and stable communications system and also provides the complementary functionalities to their cash management processes.

Automation and Integration

Open APIs, FTP or multi-protocol scheme won't only facilitate network management automation, completing high-priority tasks, but it will also help our solutions to integrate with the firm’s existing solutions. In this environment of growing mobility, automation and integration with various legacy solutions will help maintain customer loyalty and update networks to compete with the heightened rivals.

NACK and ACK

Bankhub also provides an ACK confirmation once the bank takes the file to keep real-time visibility for the customers and financial institutions. And suppose somehow some errors have been popped up. In that case, the network also sends NACK confirmation code that data transmitted over a network was received with errors or was otherwise unreadable so that the corporates can take action about their payments.

Speed

Setting up the connections when needed without any time constraints. Therefore, making organizations better equipped to manage sudden influxes in demand from interchanges between banks to individual financial transactions in real-time visibility.

Agility

Executing a secure and reliable connection actually lowers many IT costs involving hardware, software, operations, infrastructure, and maintenance worries. It offers agility for the providers to flexibly transfer workloads to and between the best cloud platforms, maximizing performance and operational efficiencies.

Secure Infrastructure

With CorpLink and BankHub, financial firms and corporates can easily secure and protect their sensitive data, resources, facts, and applications with no single point of failure. Avoid the public internet by adapting intrinsic security processes with private network connections. 

Realize NaaS and XaaS services of ECS fin

In the financial industry, networking has become a differentiator factor that keeps the firm updated and secure. This is the way for firms to embrace new capabilities and invest in resources and connections to ensure smart services can be delivered in today’s evolving market. Using NaaS, (Network as a service) in the form of CorpLink and Bankhub, will help firms collaborate with the market participants and solve existing problems with fast, scalable, agile, flexible, and secure next-generation networking.

ECS solution offers a flexible scheme compared to the large international networks that complements and interoperates with existing software and hardware support to enable increased innovation and competitive differentiation of financial services in the cloud. What are you waiting for? A future-proof network is ready to deliver new experiences, services, and intelligence in real-time for your business. Adapting this new network facility to cut down the clutter of a conventional fragmented messaging environment saves costs, time, and effort.