Human beings can will their way to a lot of different things, but nothing here beats their tendency to become better on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a full-fledged tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown increasingly evident over the recent past, and assuming one new fintech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.
Convera, a leading global B2B payments fintech player, has officially completed the migration of its payments network and customer services to Amazon Web Services, Inc. (AWS). According to certain reports, stated migration will help Convera access greater payment network resiliency, robust layers of security, and unparalleled scale. Talk about the benefits on a slightly deeper level, the development will start with enhancing its customer experience. This it will do using automation, leveraging the technology to bring down patching time and human intervention by almost 64%, therefore generating a much better brand of speed and security for every single customer. Next up, the collaboration in question will also empower Convera to bank upon that very scripted automation infrastructure to eliminate manual efforts in the context of application server cycles. Such a mechanism should help in conceiving higher efficiencies and shorter operational timeframes, taking the expected time from 8 hours to a meager 2 hours. Another detail we must acknowledge here is how the AWS migration will also ensure that Convera can develop new features and services at a significantly faster clip than before. Owing to its promise of expediting innovation, the whole setup should allow the company to deliver in time the most up-to-date solutions at the disposal of all customers. Hold on, there is more, considering the renowned cloud service will further make a point to let Convera quickly scale up or down its infrastructure on demand. The stated agility can, quite notably, go a long way when it comes to reducing the time spent on procurement, maintenance, and capacity adjustment. The difference here would literally see the proceedings go from demanding months at a time to taking just a few minutes.
“We’re pleased to work with a digital innovator like Convera in further harnessing its data to remain at the forefront of payments modernization, with speed, efficiency, and informed product investment,” said Scott Mullins, managing director of Worldwide Financial Services at AWS. “The scale and security of AWS provides the reliable infrastructure for Convera to deliver a frictionless experience and create new value for its global customers.”
Although the new upside couldn’t be any clearer, Convera has already proven itself as a genuine leader of its niche. Boasting over half a billion in annual revenue, the company enables more than 30,000 companies in clocking smarter money movements, and as a result, drive better value in and around every transaction. It reaches for such an objective through services that range from simple currency exchanges to sophisticated hedging solutions. As for what type of customers are included in Convera’s clientele mix, the list covers small business owners, enterprise treasurers, educational institutions, financial institutions, law firms, and NGOs.
During migration, the company moved petabyte scale data across more than 200 applications with hundreds of databases spread across four legacy data centers to AWS in record time of under ten months. The feat, going by the available details, was achieved on the back of an implementation concerning its novel ‘lift, twist, and shift’ strategy. Here, the company essentially ‘twisted’ the infrastructure to be ‘lifted’ by re-architecting and automating it using Infrastructure as Code techniques. The move installed an abstraction layer to ensure flexible and repeatable deployment for ‘shifting’ to AWS, eventually enabling rapid deployment.
“The recent update to the system that the Convera team performed has dramatically improved performance. It was particularly noticeable in a recent batch that had almost 1,300 payments with the upload time reduced by 60-80%,” said William Gordon, Controller at Cogent Communications. “In my process, the approval, reporting, and confirmation timing and lag decreased around 80- 90%,”
Convera, as of today, offers access to over 140 currencies, alongside a financial network which spans across more than 200 countries and territories.
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