Ruby on rails - a popular choice for financial technologies

Suprunenko Valeriy
Ruby on Rails Developer, MSc Banking and Finance Program applicant ZHAW School of Management and Law, Zurich, E-mail:swift.x@yahoo.com, ORCID ID:

Cite this article:

Suprunenko V. (2023) Ruby on rails - a popular choice for financial technologies. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Rubin na reikakh - populiarnyi vybir dlia finansovykh tekhnolohii; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odessa National Economic University (ISSN 2313-4569), Odessa National Economics University, Odessa, No. 9 (310), pp. 59-71.

Abstract

This article examines the advantages of using the Ruby on Rails framework in the development of financial technologies, such as web applications for banks and financial management applications. The main advantages of using Ruby on Rails in the financial industry are discussed, including its benefits for full-stack development, the use of RubyMine IDE, application testing with Rspec, the advantages of using design patterns with ActiveRecord, transaction mechanisms, threads, fibers, clousers, Single Table Inheritance, UUID primary keys, encryption for storing sensitive account data, error handling and exceptions, as well as additional Ruby on Rails libraries ActiveMerchant, Finance, Money. The conclusion of the article summarizes the applicability of Ruby on Rails in the development of financial technologies.

Keywords

Ruby on Rails; financial technologies; web development; banking applications; fintech applications; security; flexibility; modularity; performance; scalability; gem; STI; UUID; transactions; ActiveRecord.

JEL classification: L860; DOI: 10.32680/2409-9260-2023-9-310-59-71

UD classification: 336

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