Regarding banking software

[Navnath Gadakh]

i am new to java and i want to develop one banking software in how start and what framework or shall i use plan java plz help?

Thanks in adv

 

[Roedy Green]

i am new to java and i want to develop one banking software in how start and what framework or shall i use plan java plz help?

Much banking software are batch processes. The only auxiliary tool
you would need in as database . See
http://mindprod.com/jgloss/sql.html

For clerks to make transactions, you might use Java programs for data
entry then send data to a server.

For customer online banking you would likely use a browser sending CGI
transactions to a servlet womb. See
http://mindprod.com/jgloss/servletwomb.html

Since banking software tends to have a very long life it is important
to base your code only on tools likely to have a long life and to have
plug-in replacements.

 

[bob smith]

i am new to java and i want to develop one banking software in how start and what framework or shall i use plan java plz help?



Thanks in adv

It sounds like you will want to use Swing with a MySQL backend.

Also, be careful with float and double rounding errors.

 

[Lew]

i [sic] am new to java and i want to develop one banking software in how start and what
framework or shall i use plan java [sic] plz help?

Don't pick a framework or even a language until you know at least in some detail what your
system will do.

It sounds like you will want to use Swing with a MySQL backend.

Based on what?

That is an insane answer.

If it's a Web application then Swing could be the wrong choice.

MySQL is likely the wrong choice.

Would you use Swing to calculate the interest on a credit card? (Trick question.)

Navnath - pay no attention to anyone who recommends a particular package or
software framework at this stage. It's not even clear that Java is the right choice.

Also, be careful with float and double rounding errors.

There should be no use of 'float' in financial calculations. I have heard people
defend the use of 'double' for certain use cases, but I am dubious of that
reasoning. I would avoid 'double'.

Obviously this doesn't apply to screen coordinates in your Swing classes.

Of which there may be none.

"Banking software" is a large topic and a huge universe of functionality, most of
which is out of reach of the typical one-person shop. What is your intent? What
scope? Who's the audience for your product?

 

[Arne Vajhøj]

i am new to java and i want to develop one banking software in how start and what framework or shall i use plan java plz help?

For a toy bank application: learn a lot about Java and then start.
The topic is far too big to cover in a usenet post.

For a real bank application: contact a lot of VC companies to get
funding to hire 500 developers.

Arne

 

[Arne Vajhøj]

Much banking software are batch processes. The only auxiliary tool
you would need in as database . See
http://mindprod.com/jgloss/sql.html

I would expect a bank application to use dozens if not hundreds of
tools and frameworks.

For clerks to make transactions, you might use Java programs for data
entry then send data to a server.

For customer online banking you would likely use a browser sending CGI
transactions to a servlet womb.

The CGI spec does not contain anything about transactions.

And I am not aware of any servlet container that can be
run via CGI (for good reasons - the startup time would
kill performance).

Arne

 

[Arne Vajhøj]

It sounds like you will want to use Swing with a MySQL backend.

It is one UI and one database, but there are plenty of alternatives.

Also, be careful with float and double rounding errors.

Better just avoid float and double completely when dealing with money!

Arne

 

[Arne Vajhøj]

i [sic] am new to java and i want to develop one banking software in how start and what
framework or shall i use plan java [sic] plz help?

It sounds like you will want to use Swing with a MySQL backend.

Based on what?

That is an insane answer.

It is one out of a large number of possible combinations.

No reason to pick that but then no reason to not pick it either.

If it's a Web application then Swing could be the wrong choice.

MySQL is likely the wrong choice.

Why?

There are companies that run billion dollar businesses on MySQL.

There should be no use of 'float' in financial calculations. I have heard people
defend the use of 'double' for certain use cases, but I am dubious of that
reasoning. I would avoid 'double'.

I completely agree.

Arne

 

[David Lamb]

i am new to java and i want to develop one banking software in how start and what framework or shall i use plan java plz help?

What exactly is it you want to do? A bank isn't going to be interested
in brand-new software; they have massive legacy systems they have to be
very, very careful not to break. Do you mean something like Quicken that
manages an individual's records and interacts with an existing online
banking system? Or are you writing a small experiement to see what the
bare bones of a banking system might be like? Or something completely
different?

 

[Jeff Higgins]

i am new to java and i want to develop one banking software in how start and what framework or shall i use plan java plz help?

Welcome.
I've not heard of the "how start and what framework" development
environment.
Please provide a link.
At this point I would use plan java plz help.

 

[bob smith]

It is one UI and one database, but there are plenty of alternatives.






Better just avoid float and double completely when dealing with money!

And how will you be calculating interest ?

 

[bob smith]

[...]

Better just avoid float and double completely when dealing with money!

And how will you be calculating interest ?

With a proper decimal numeric format. E.g. BigDecimal. These exist

precisely because of this specific issue.

Don't you need to be able to raise to a floating point power for interest? (i.e. not an integer)

 

[bob smith]

On Tue, 2 Oct 2012 07:18:51 -0700 (PDT), bob smith wrote:



[...]

Better just avoid float and double completely when dealing with money!

And how will you be calculating interest ?

With a proper decimal numeric format. E.g. BigDecimal. These exist

precisely because of this specific issue.

Don't you need to be able to raise to a floating point power for interest? (i.e. not an integer)

For example?



All my banks simply compute simple interest periodically, compounding as

necessary. It's straight multiplication, no exponents necessary.



When is a "floating point power" needed? And if it's needed, what is to

preclude one from writing a proper decimal implementation rather than

improperly using float or double for financial computations?

If you are just compounding daily, then maybe you don't need it.

However, it you want to compound continuously, I think you will need it. ( To use P*e^(r*t) )

And, good luck representing e with your BigDecimal class.

 

[bob smith]

[...]

However, it you want to compound continuously, I think you will need it. ( To use P*e^(r*t) )

Define "continuously". Do you mean as in computing an integral? What

financial institution needs to do that? For what computation? Please

provide an actual example.



If you simply mean more than one period of compounding, then the finite

nature of these computations means that it is sufficient to simply iterate

as needed.

And, good luck representing e with your BigDecimal class.

Fortunately, e is not a commonly used constant in financial computations.

I'm talking about this:

http://www.mathwords.com/c/continuously_compounded_interest.htm

I don't know if anyone uses it in real life except for math class.

 

[Gene Wirchenko]

On Tue, 2 Oct 2012 13:00:20 -0700 (PDT), bob smith

[snip]

And, good luck representing e with your BigDecimal class.

Good luck representing e with floating point.

I know that either way, one will have an approximation. Do you?

Sincerely,

Gene Wirchenko

 

[glen herrmannsfeldt]

[...]
However, it you want to compound continuously, I think you will need it. ( To use P*e^(r*t) )

Define "continuously". Do you mean as in computing an integral? What
financial institution needs to do that? For what computation? Please
provide an actual example.

Story in my high-school calculus class 30 something years ago was
that there was a time when banks were competing on compounding.

I do remember some advertizing as compounding daily. In that
climate, one bank decided to offer compounding continuously.
(Maybe after another offered compounding minutely or secondly.)
The difference gets ever smaller very fast, though.

Maybe about the same time, there was competition between blender
companies on how many speeds they had. Six, eight, or more.
Then one company put a knob on for an infinite number of speeds,
but no-one would buy them.

Maybe the same thing happened to banks and interest.

-- glen

 

[Lew]

[...]
However, it you want to compound continuously, I think you will need it. ( To use P*e^(r*t) )

Define "continuously". Do you mean as in computing an integral? What
financial institution needs to do that? For what computation? Please
provide an actual example.

If you simply mean more than one period of compounding, then the finite
nature of these computations means that it is sufficient to simply iterate
as needed.

And, good luck representing e with your BigDecimal class.

static final BigDecimal EULERS = new BigDecimal(Math.E);

What's the big deal? Of course, it's no more accurate than the 'double' representation.

 

[David Lamb]

Don't you need to be able to raise to a floating point power for interest? (i.e. not an integer)

Only for things like present value, which is for financial planning
rather than managing one's money directly. There are Rules (with a
capital R) for how many digits to keep for simple interest calculations;
compounding happens naturally as they add the interest to the principal
(no exponentiation involved).