Partnering with Capgemini, Mynt deploys MuleSoft Anypoint Platform™ within the Amazon Web Services environment to better integrate its various systems, improve the time-to-market for new products, and improve the customer experience
Industry: Financial Services
Challenges: Mynt wanted to upgrade a number of legacy systems to ensure that the various segments were better integrated and could support a more rapid release of new products
- Improved customer experiences and satisfaction
- On-boarding major new partners – including Facebook – in record time
- Launching new product offerings as demanded by the market
- Increased agility – changes happen 4x faster
Keeping pace with a growing customer base
As a one-stop shop of financial technology services, Mynt aims to address financial inclusion through mobile money, micro-loans, and technology. Today, the business has over four million registered customers and forecasts that its customer base will triple to over 12 million over the next two years. During Mynt’s earlier periods of rapid growth, technical challenges arose around integration because the company had many legacy systems that needed to talk to each other. The traditional practice of building point-to-point integrations was too tedious and continued to build technical debt.
In addition, Mynt wanted to scale rapidly with more vertical systems and increase its agility to introduce new products at a rapid and ever-increasing pace. With the goal of moving away from point-to-point integration, which the organization saw as a barrier to its anticipated growth, Mynt chose Capgemini* as its strategic partner and MuleSoft Anypoint Platform™ as its core technology platform for data integration.
Implementing an integrated data platform
Together, the partners launched a collaborative effort to implement MuleSoft integration technology and migrate Mynt’s critical core product functionalities without affecting day-to-day operations and business as usual. The project began with a base installation of the platform and then evolved into a hybrid platform with the Amazon Web Services cloud infrastructure, which offered substantial scalability and was fully capable of supporting Mynt’s large and growing customer base.
Along the way, Mynt and Capgemini used MuleSoft’s API-led connectivity approach and tools to build three layers of APIs that were divided into 2 ESB clusters: one meant for public-facing experience APIs, and the other for internal process and system APIs. These were:
- System-level APIs as an encapsulation of Mynt’s core systems
- Process-level APIs at the business layer for multi-endpoint aggregation
- Experience-level APIs to expose Mynt’s current APIs to their internal and external consumers via partners and omnichannel communication.
The partners set up management tools, including logging, testing and deployment automation, and metrics for the platform’s performance, which were built for easy scalability and high availability. In addition, Mynt and Capgemini introduced integration application standards to ensure high performance and implemented policies that helped to fully optimize integration applications and guarantee that they performed well while handling large volumes of data.
Capgemini also assisted Mynt with managing its DevOps environment, including the building and introduction of automation, performance of code quality checks, and test coverage. Last, but not least, the partners implemented a set of industry best practices. The process of peer reviews during sprints were followed in accordance with Capgemini’s robust delivery IP, while the partners used proven unit testing.
Finally, as a global financial institution, Mynt faces considerable compliance requirements, so its public-facing APIs were physically separated. A Gateway ESB facade layer was created to comply with security policies and not expose the company’s main ESB. All pre-production environments had the same clustered setup.
Mynt becomes more agile
By successfully implementing MuleSoft’s API-led connectivity approach to the organization’s payments channel, the partners enabled Mynt to continuously meet its business deadlines, improve the customer experience, and onboard major new partners such as Facebook in record time. The use of MuleSoft Anypoint Platform™ has enabled high-quality delivery, increased uptake of customers, and faster go-to market initiatives for the company.
Additionally, the use of MuleSoft API products by the partners reduced costs and shortened timelines for change within Mynt’s core systems. Changes for new functions are now achieved using the MuleSoft API platform with a 75% reduction in the cost and time it took compared to the company’s legacy point-to-point implementations. This has enabled Mynt to significantly increase its business agility and rapidly launch new product offerings as demanded by the market. Moving forward, Mynt and Capgemini will continue to use MuleSoft Anypoint Platform™ to power the success of Mynt’s major ongoing and planned technology projects.
*This project was executed by WhiteSky Labs from 2016-2018 and Mynt is currently a client of Capgemini. WhiteSky Labs was acquired by Capgemini in March 2020. For more details on the acquisition, please find the link to the release here (https://www.capgemini.com/au-en/news/acquisition-of-whitesky-labs/)
Mynt is a FinTech partnership between Globe Telecom, the Ayala Corporation and Ant Financial. Based in the Philippines, Mynt has a potential market of over 100 million people, including many who do not have a bank account. Mynt is committed to exploring innovative and non-traditional avenues towards microfinance, leveraging telecommunications infrastructure and mobile money platforms.
Key service offerings include GCash and Fuse Lending. GCash enables domestic and international payments as well as online payments and mobile money, enabling consumers to use their smartphones to easily pay bills and conveniently purchase goods. Fuse offers personal and business loans to Filipinos without bank accounts using mobile technology to provision both short and long-term loans.