COBOL and Finance
When it comes to money being collected or paid, be sure that COBOL is the last step before a transaction transpires. When does it’s world begin? May 20, 1875
#COBOL #DOGE
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FinTech’s Foundations COBOL
Despite the rapid rise of FinTech, the backbone of modern banking remains COBOL, a programming language developed in 1959. This article explores how legacy financial systems continue to run on COBOL due to risk aversion, stability, and reliability. Financial institutions prioritize uptime (99.999%) and avoid system-wide replacements unless absolutely necessary. While FinTech boasts cutting-edge interfaces, critical financial transactions—like account creation and fund transfers—still rely on COBOL’s structured efficiency. The takeaway? New technology may evolve, but old, reliable systems refuse to fade away.
Keywords: COBOL, FinTech, banking technology, legacy systems, financial stability, risk aversion, banking infrastructure
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