Cross-border payments frequently involve FX transactions that are settled on a non-PvP basis, leading to FX settlement risk of ~$9 trillion on any given day.
As part of our submission to the #ISO20022 Hackathon (hosted by the Bank for International Settlements – BIS and SWIFT) we built a stream processing application using #apacheflink and ISO 20022’s logical and conceptual levels. The dataflow topology applies the Bank of England's synchronised settlement protocol to a continuous (unbounded) stream of FX transactions.
We achieved a peak rate of >100K atomic transactions per second on a 32-core machine, without any performance tuning. That represents 73% of the combined global transaction volume for payments, FX, and securities settlement.
Read the report: https://www.atomicwire.io/hackathon
Explore the code: https://github.com/atomicwire/iso20022-hackathon