Real-Time Transaction Monitoring: CDC, Event Streaming and Low-Latency Fabrics for Liquidity and Reporting
Senior Data Architect, Bank of America, United States.
Review Article
World Journal of Advanced Research and Reviews, 2023, 18(01), 1336-1346
Publication history:
Received on 10 March 2023; revised on 21 April 2023; accepted on 28 April 2023
Abstract:
Real time monitoring of transactions has turned out to become a very important aspect to the modern financial systems as the demand to manage liquidity within seconds, regulatory compliance, and deter fraud continue to grow. The batch-based traditional reporting systems frequently do not satisfy the latency targets of the high-frequency price trading, real-time payment settling and urgency-driven risk mitigation. In this paper, I have provided a systematic design of real-time transaction monitoring based on Change Data Capture (CDC), event streaming platforms and low-latency fabrics. The architecture, as proposed, incorporates CDC to record the changes in the database, fragmented event streams to facilitate scalability, and windowed aggregations to avail near-instant liquidity and cutoff indicators. We also compare materialized views and stateful stream processors concerning freshness, cost and complexity of operation. To ensure that the definitions of metrics are consistent throughout the organization, a governance layer is added. Experiments using large-scale financial data show that liquidity buffer accuracy improves, sooner fraud/risk alerts are obtained, and the average recovery time incident mean to (MTTR) is smaller. The paper gives specific design factors, performance standards and real-life directives towards the installation of real-time monitoring systems in financial institutions.
Keywords:
Change Data Capture (CDC); Event Streaming; Real-Time Analytics; Stateful Stream Processing; Liquidity Metrics; Fraud Detection; Low-Latency Fabrics; Materialized Views; Windowed Aggregations; Financial Technology
Full text article in PDF:
Copyright information:
Copyright © 2023 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0