The Financial Services Technology Consortium (FSTC) said it has validated a set of Web services for cash management system integration in a recent proof-of-concept test. However, the group found some shortcomings that need to be addressed.
The test was aimed at validating the use of Web services technologies for a cash management application and data integration for bank-to-bank and bank-to-customer connections. FSTC brought together Bank of America, JPMorgan Chase, Wachovia, NEC and Sun Microsystems in a five-month initiative to test aspects of interoperability, security and the reliability of Web services technologies when applied to multi-bank reporting services in treasury management. The project produced a set of Web services, reference implementation and a next-generation treasury portal to demonstrate the utility of the services developed, according to FSTC.
Results of the project include:
- A reference implementation generated from the test, comprised of a re-usable architecture and set of technical specifications that can be developed into commercial offerings, provides project participants with a set of baseline Web services and a set of supporting technical and business documentation for planning and developing banking applications in .NET and Java environments.
- The assessment that more work in technical standards and interoperability is needed, particularly for applications and bank interactions that require end-to-end security and reliability to meet expected service levels.
- The realization that additional industry efforts are needed to address issues of including attachments and the transport of non-XML data using SOAP messaging.