When selecting FinTech software, firms weigh a variety of factors including cost, scalability, potential for APIs, consistently high performance, compliance, security, and time to market. But the programming languages used most significantly influence these factors. Like anything else, programming languages have their advantages and disadvantages. Some of them improve performance, adaptability and security.
Today we’ve chosen to introduce you to key programming languages needed in the FinTech sector according to Analytics Insights.
Java
Being a well-known language with an extensive library of third-party components, Java is used in many Fintech systems because it facilitates the creation of complex Fintech software.
Python
Given that Python is among the most widely used programming languages, it is not surprising that it has had a dramatic impact on the Fintech sector. According to PyPI’s analysis of Google searches, Python is the most widely used programming language in the world.
Golang
Golang, commonly known as Go, is an open source programming language created by Google in 2009. It is quickly displacing other programming languages among fintech companies that need to launch soon and have a clear, scalable, and simple backend.
Ruby
Did you know that many startups in the digital finance sector use Ruby in combination with the Ruby on Rails framework for its productivity and ease of use? Some major reasons why developers prefer it are the security protections built into the framework and the simplicity of the language that saves time and money.
Scala
High-end distributed software systems used in financial products often process large amounts of data. Because it’s so productive and helps engineers shorten their source code, Scala is an excellent choice for processing them. There are at least two or three departures from Java. Additionally, the most popular Big Data frameworks that are vital to the FinTech sector have been developed using Scala.
In a statement, the European Data Protection Board announced the fine, commenting that it was imposed after an investigation into Facebook by the Irish Data Protection Commission, the main regulator that oversees Meta’s activities in Europe. Such action highlights uncertainty over how global businesses can legally transfer EU users’ data to servers abroad.
But that’s not all. Meta has been ordered to stop processing personal data of European users in the US within six months.
“Facebook has millions of users in Europe, so the volume of personal data transferred is huge. The unprecedented fine is a strong signal to organizations that serious breaches have far-reaching consequences.”
commented Andrea Jelinek, Chair of the European Data Protection Board.
In her view, the company’s breach is very serious as it relates to transmissions that are systematic, repetitive and continuous.
The EU regulatory body said the processing and storage of personal data in the United States violates a signed European data protection law known as the General Data Protection Regulation.
This is the largest fine ever imposed under the GDPR. The previous record of €746 million ($805.7 million) was imposed on Amazon (AMZN) in 2021.
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