IntegrationWorks has announced its membership with the Banking Industry Architecture Network (BIAN), a corporate industry group that aims to reduce integration costs for banks through the creation of consistent integration architecture definitions.
According to the integration consultancy firm, the membership “signifies a commitment” to the banking industry and to supporting bank transformations and interoperability.
Established in 2008, BIAN brings together banks, software vendors and service providers within the financial and banking industry around the world to create standards and collaborate on enterprise architecture.
By sharing information effectively amongst other members, members are able to combine industry expertise with banking technology frameworks to overall simplify and standardise core banking architecture.
As a member of BIAN, IntegrationWorks will be able to collaborate with global experts to align IT with business objectives for banks through standardised architecture.
The standardisation of such architecture allows for common definitions of internal and external interfaces, detailed levels of design and collaborative boundaries of scope.
“Banks these days are in a conundrum when undergoing a major core transformation,” IntegrationWorks CTO, Ian Vanstone, said.
“It's either rip out and replace entire systems, or try and componentise their entire IT architecture.
“Neither of these options are particularly appetising, but we are able to advise our clients on specific IT architectural standards drawn from collaboration through BIAN which ultimately leads to lower IT integration costs and increases flexibility, thus benefits that are passed onto the customer.”
Vanstone said banks typically offer a wide variety of products and services, which behind the scenes must be integrated.
“Many teams within banks struggle to integrate their systems internally, with one of the primary causes being an organic and non-standardised approach to services - both at the banking services layer and more so at the underlying technology services layer,” ge explained.
“This leads to services duplication, conflict, and general inflexibility. Whilst there are few standards that perfectly and absolutely fit a particular business, using a standardised service model is a better guide than a services model rife with duplication, conflict, and inflexibility.
“BIAN is a great guide for banks struggling with integration or wanting to increase interoperability and business agility.”
Vanstone said IntegrationWorks is collaborating with many industries, including banking, to provide open integration platforms that enhance the ability to build, manage, secure and integrate applications.
“We here at IntegrationWorks are working with many banks currently undergoing transformation,” he added. “We work closely with our clients, and our vendor partners, to help them revitalise their core systems of improve market responsiveness.”
IntegrationWorks operates across New Zealand, Australia and the UK.