Skip to content
Canajun Finances Home » Technology » FinTech

FinTech

COBOL Punch Cards

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

Verified by MonsterInsights