IT systems have grown exponentially over the years in the financial services industry. Growing demands of business, introduction of new products, mergers and acquisitions, regulatory requirements – have all added to the increased number and complexity of IT systems. The IT department aligned with the business divisions has functioned as silos leading to duplication of functions and usage of different IT systems across business segments.
By organizing enterprise IT around services instead of around applications, SOA provides key benefits like simplifying IT landscape, improving productivity, agility and speed for both business and IT, allowing IT to deliver services faster and align closer with business and allowing the business to respond quickly and deliver optimal user experience.
HCL has engaged with several financial services customers in re-designing their application landscape based on SOA. Backed by strong domain experience, HCL has also developed SOA based frameworks for some of the hot-spots in financial services industry. HCL can help your business through its proven experience in the following areas:
HCL has expertise in several BPM tools which have taken the leaders position in Gartner's Magic Quadrant:
In the SOA space, HCL has existing partnership with many of the leading vendors like TIBCO, Webmethods and Seebeyond.
HCL has developed a framework for implementing SOA in a "Business-Critical" Payments Environment. This approach recommends a Single Payment Architecture that will allow the bank to identify duplication and to define a step-by-step migration to common utilities based upon open standards. This is a pragmatic approach that will split each payment process or silo in three main elements of functionality: Origination, order management and payment execution.
By separating these three layers, it is possible to isolate the diverse set of origination channels (e.g. email, fax, EDI, Internet, Phone, etc.) from the payment execution and processing systems.
A crucial component is the ESB (Enterprise Service Bus) based upon a SOA. By using a service oriented approach, we can de-couple and re-use existing application and middleware components in an unobtrusive way (the components are not aware of this),providing a low-risk transition from the current process and systems environments to the new architecture through a series of steps where each adds business value. This evolutionary approach should be complemented with a strong implementation methodology with an absolute focus on customer service and payment system resilience.
