Enhancing financial security in Fintech: Advanced network protocols for modern inter-bank infrastructure
Olajide Soji Osundare, Adebimpe Bolatito Ige
Abstract
As financial technology (fintech) continues to evolve, ensuring robust security within inter-bank infrastructure has become increasingly critical. This review paper explores advanced network protocols for safeguarding financial transactions and data against modern cyber threats. The study examines key protocols such as Multiprotocol Label Switching (MPLS), Segment Routing, and Internet Protocol Security (IPSEC), highlighting their roles in enhancing the performance and security of financial networks. It addresses current security challenges, including sophisticated cyber-attacks, insider threats, and vulnerabilities associated with cloud services and third-party vendors. Furthermore, the paper outlines the steps for integrating these advanced protocols into existing systems, provides best practices for optimal performance and security, and discusses emerging trends and future directions in financial network security. Recommendations for fintech companies and financial institutions are provided to help them navigate the evolving security landscape effectively. The paper concludes with potential areas for future research, emphasizing the need for ongoing innovation in network security to address emerging threats. Keywords: Financial Security, Advanced Network Protocols, MPLS, Segment Routing, IPSEC.