Product Type: Market Research Report
Published by: TowerGroup
Published: May 2007
Product Code: R301-1284Description The global payments business is in a state of unprecedented transformation. As payment preferences change and banks develop new payment models to reduce inefficiencies and maximize opportunities, the concept of "enterprise payments" has become more commonplace. However, when a financial institution takes such a holistic view of payment products and operations, the impact on technology is undeniable. Service-oriented architecture (SOA) is the flavor du jour, but can it legitimately add value to payments processing? This Research Note provides insight into how banks can use SOA to lay a foundation for the next generation of global payments.
Table of Contents
- TowerGroup Take-Aways
- Report Coverage
- Background
- Mythbusters: SOA Revealed
- SOA Myths Debunked
- Myth 1: SOA Is a New Technology
- Myth 2: SOA Applies Only to Technology Infrastructure
- Myth 3: SOA Applies Only to Software Applications
- Myth 4: SOA Requires the Replacement of Legacy Systems
- Myth 5: SOA Requires Web Services for Implementation and Integration
- Myth 6: SOA Requires Investment in a Single Technology Platform
- SOA for Payments
- Service Orientation in Car Manufacturing
- Service Orientation in Payment Product Development
- A Payments Business Architecture
- Exhibit 1 Payments Business Architecture Using SOA Concepts (2007)
- Rightsourcing of Payment Processes
- Exhibit 2 Payments Business Architecture Using SOA Concepts and Rightsourced Processing (2007)
- Transaction Management
- Payment Service Interoperability
- Data Integration
- ISO 20022
- SOA Implementation Considerations
- Summary
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