Software Design Patterns and Architectural Best Practices in Financial Software Development

Authors: Ashmitha Nagraj

DOI: https://doi.org/10.37082/IJIRMPS.v8.i4.232958

Short DOI: https://doi.org/hbqq3c

Country: United States

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Abstract: Financial software development involves designing and building solid, flexible and secure application systems that can process many complex transactions, ensure that an organization is compliant with various laws and regulations, and process large volumes of data.
This paper reviews some of the most common software design patterns and architecture designs used in software engineering to build financially reliable and maintainable applications. It also draws on previous work in software engineering to provide an overview of some of the most popular software design patterns and their uses in financial systems. Some examples of financial design patterns are used such as Singleton, Factory, Observer, and Event-Driven Architecture (EDA) to describe how financial systems such as Trading Systems and Risk Management Tools are designed. In addition to describing the use of design patterns in financial systems, this paper also reviews and expands upon existing case studies of large-scale financial systems to demonstrate how design patterns have been used to address challenges related to concurrency, data integrity, and extending the capabilities of financial systems. Finally, several "best practices" are outlined for developing financial software including using a modular design, minimizing coupling between components, and using the SOLID design principles for sustainable development. It is concluded by providing suggestions for how to apply these design patterns and architecture designs in modern financial software systems to develop systems that will be able to perform well in terms of speed and adaptability.

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Paper Id: 232958

Published On: 2020-08-10

Published In: Volume 8, Issue 4, July-August 2020

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