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What will the technological and economic influence of Web services be on financial payment systems?

What will the technological and economic influence of Web services be on financial payment systems?
The movement to Web services will change financial payment systems much the same as it will change all other types of system. Primarily that's because Web services bring down the barriers to integration. They enable organizations to easily integrate their systems?financial payment systems included?with other systems, regardless of whether those systems are based on UNIX, Linux, COBOL or any other platform. That means you can extend your financial payment systems to partners and customers in a matter of hours. Additionally, Web services will foster significant changes to financial services. In fact, there are already several new e-payment services that, thanks to Web services, are much more customer friendly. You can tie into one of these services without having to change the way you do business. You just connect to the system and schedule payments from your existing accounting package.
This was first published in December 2002

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