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For Financial Services, Goal Is STP, Tool Is XML – Stories

REDMOND,Wash。

Nov。

4,2002Transformedinrecentyearsbyconsolidation,thefinancial-marketssectornowfacestechnology-drivenchange。

Theultimategoalisstraightthroughprocessing(STP):replacingthetraditionalphoneandfaxconfirmationswithacompletelyautomatedloop,frompre-tradecommunicationanddealcapturethroughtoclearingandsettlement。

TheindustryhasmuchtodotoachieveSTP。

Hard-hitbythecurrentdownturn,financialinstitutionsmustadoptnewXMLstandardsthatarereplacinglegacycommunicationprotocols,whileseamlesslyintegratingcoretradingprocesseswithsupportingsystemssuchasaccountingandriskmanagement。

Newsoftwaresystemsmustbecapableofadaptingtofuturedevelopmentsinstill-emergingmessaginganddatastandards。

Tohelpfinancialinstitutionsmeetthesestringentrequirements,MicrosoftislaunchingBizTalkAcceleratorforFinancialServices,thelatestverticalindustry-specificflavorofthecompanysestablishedBizTalkintegrationengine。

Forinsightintothelikelyimpact,PresspasstalkedtoKennyMcBride,Microsoftsglobalindustrymanagerforsecuritiesandcapitalmarkets;andDerekLaSalle,leadprogrammanagerforMicrosoftBizTalkAcceleratorforFinancialServicesandE-BusinessServers。

McBridehasover18yearsoffinancialmarketsexperience。

Ahighlyregardedmarketmaker,heworkedforvariousglobalinstitutions,includingNationalWestminsterBankinLondon,identifyingfundamentalbusinessandtechnologicalchangesaffectingtheglobalmarkets。

HejoinedMicrosoftinJanuary2002。

LaSallefirstworkedatMicrosoftsupportingdatabaseproductsin1993。

Hethenspentfouryearsinthefinancialenterpriseworld,firstasadeveloperandarchitectatUBS,thenasasystemsofficerforStateStreetBanksGlobalAdvisorsAssetManagementorganization。

HerejoinedMicrosoftin1998,servingastheleadprogrammanageroftheBizTalkServerdevelopmentteam。

PressPass:WhatistheBizTalkAcceleratorforFinancialServicesandwhoisitfor?

McBride:Afteryearsofdevelopingapplicationsforthecapitalmarketsthatdidntcommunicateeasilywithoneanother,financialinstitutionsnowwantconnectivitytoimprovetradecycleefficiencies。

Theyneedalinguafrancabetweenthesystemsandpartiestofinancialtransactions。

BizTalkAcceleratorforFinancialServicesisatoolthatmakesiteasierforsystemstohookupandcommunicate,usingXMLasthelinguafranca。

LaSalle:TheAcceleratoraddsspecificverticalsupportforfinancialservicestoBizTalksgenericbusinessapplicationintegrationmiddleware。

Theresultisfinancialmiddlewarethatunderstandsfinancialdataformatsandtheflowsofdatainthecapitalmarketsandbanking。

Withthisinfrastructureinplace,financialappspayment,settlement,portfoliomanagement,ortradingapplicationsdonthavetoknowofoneanothersexistence。

Nordotheyhavetounderstandhowtoroutemessagestootherappsorwhichcommunicationprotocolsareappropriateforthecounterpartiestoaspecifictransaction。

Theapplicationsgeneratemessagesandthefinancialmiddlewaregetsthemwheretheyneedtogo。

ThisenablesbothEAI(enterpriseapplicationintegration)andB2Btrading-partnerintegration。

Youtreateitheraninternalapplicationoratransactionalcounterpartythesame:anentityontheothersideoftheBizTalkserver。

Theendcustomersarefinancialinstitutions:assetmanagers,brokeragefirms,exchanges,andalsocorporationsthatneedtoautomatepaymentprocessingwiththeirfinancialinstitutions。

WerealsobuildingafederationofISVpartnersolutions。

Inthepast,ISVsdevelopedtheirownmiddlewareinfrastructureandtoolsandthenbuilttheirappsontop。

Werenowproviding,atcommoditypricing,acommonandtransparentunderlyingmiddlewarefoundationforthesepartnersandcustomersaliketobuildon。

PressPass:Integrationsoundstechnicallyrational。

Whatbusinessbenefitsdoesthetechnologyofferthemajorfinancialinstitutions?

McBride:Withinthefinancialsector,technologyisexpensivetodevelop,deploy,maintainandsupport。

Everytimeyouputanappinaninvestment-bankingenvironment,youhavetowritespecificcodetocoverawholerangeofpublicandproprietaryprotocolsandstandards。

BizTalkAcceleratorforFinancialServicesisintendedtoslashthecostandtimerequiredtoachievethatintegrationandconnectivity。

Some40to50percentofthebasicgruntworkrequiredtocreatefinancialservicesapplicationsnowcomesbuiltintoBizTalk。

ThebigfinancialinstitutionssuchasBearStearns,Citibank,HSBC,LehmanBrothers,MerrillLynch,MorganStanleyandUBShavehugedevelopmentshops。

TheBizTalkAcceleratorallowstheirprogrammerstobuildapplicationswithbuilt-inconnectivitytootherapplicationswhileprovidingaframeworktosupportcurrentandfuturestandardfinancialmessagingprotocols,suchasFIXforequitiespre-tradeandtradecommunicationandSWIFTforpost-tradeinstructions。

Itisoneofthefirstproductstocometomarketthatconnectsthewholefinancialmarketcommunitywithoutaddingsubstantiallytotheunderlyingcost。

Thisisoneofthefirstcommoditizedsolutions。

Inaddition,theAcceleratorisdrivenbyannotatedschemas,whichmakestheinfrastructureveryflexible。

Sinceitsnothard-codedtospecificprotocols,itcanbereconfiguredwithoutwritingcode。

Soanorganizationcanmodifyitsbusinessprocessesrelativelyeasily。

Itprovidesthatbusinessagility。

Morebroadly,bycreatingautomaticconnectivity,theBizTalkAcceleratormovessystemsclosertostraightthroughprocessing(STP)。

Mostofthefinancial-marketworldisshiftingtowardmakingmoneyonacommoditizedbasis,thatis,chargingcommissionsbasedontransactionfeesorflowsize。

InstitutionswanttofullyautomatethetradingprocessandofferclientsSTPaccesstoprices。

Thatwillincreasethenumberoftransactionsgoingthroughtheirenvironmentssotheycangeneratemorerevenue。

LaSalle:BizTalkAcceleratorisalsointendedtoreducetheriskexposurethatderivesfromthesmallnumberofmismatchedtradesanderrors。

Atradingsystemdifferentiatesitselfnotonprocessingofthegooddata,butonthehandlingofthisbaddata,theexceptions。

WiththeAcceleratorforFinancialServices,weveextendedBizTalksworkflowcomponent,ororchestration,tofacilitateprocessessuchascustomvalidationofmessagesatthebusinesslogiclevel。

Thisenablescreationofanexception-handlingprocesswithoutwritingalotofcode。

Thisframeworkenablesthedevelopmentofmessagerepairapplicationsallowinguserstoautomatethehandlingofthemorecommonexceptions。

Presspass:AndwhatsinitfortheISVs?

McBride:VendorsthatcreatespecialistapplicationsforthefinancialmarketplacecanuseBizTalkAcceleratorforFinancialServicesasthefoundationfortheirsolutionswiththeconfidencethatitwillconnectintobankingandsecuritiesenvironments。

WerelookingtoalignalotofISVsintoafederationthatwillhandlethefullcycleofcapitalmarkets,creatingplug-and-playsolutionsandapplications。

Weremovingthevaluechainup。

Whenyougettothecoreappsofcapitalmarketsthatis,pre-trade,execution,andpost-tradesolutionsifeverythingisstandards-based,withaBizTalkenvironment,itsgoingtobeverystraightforwardforafinancialinstitutiontoselectanISVpartneredwithMicrosofttoplug-and-play。

LaSalle:ThereisalreadyagreatdealofinterestamongISVs。

CapcosSTPBridgetakestheAcceleratorandaddsthevalue-addservicesyouneedtobuildacompletetradingsolution。

SIA[SocietInterbancariaperlAutomazione],whichoperatestheleadingItalianpaymentsprocessingnetwork,isprovidingaBizTalkAccelerator-basedsolutiontothemembersoftheEuropeanBankingAssociation。

FirestarSoftwareoffersasetoftoolsthatsimplifiesmessage-to-databasemapping。

SolutionForgeprovidesaFIXengine。

Macgregorprovidesanordermanagementsystemforequities。

Presspass:Whatmakessuchintegrationtechnologyparticularlyrelevantnow?

LaSalle:AnimmediatedriveristheNov。

16deadlineforfinancialinstitutionstoconvertonekeymessagingprotocol:SWIFT,theindustry-owned,worldwidecooperativethatsuppliessecuremessagingservicesandinterfacesoftware,hasmandatedamovefromtheold7775tothenew15022standard。

Also,SWIFTispushingtraffictowarditsnewIPnetwork。

Manyinstitutionsarenotreadytodothatmigration。

Theyvelookedattheirlegacysystemsandrealizedthattheresnowaytomakethatdeadline。

OurAcceleratorcanhandlethetranslationsfromeithertheoldformatorthenewaswellasconnectivitytothenewSWIFTIPnetwork。

Effectively,thisgivesinstitutionstimetorealizethefullreturnontheirinvestmentinthe7775environment,oratleastgrantsbreathingspacetoworkouthowtheywanttoproceed。

Moregenerally,the1999eliminationoftheGlass-SteagalllawsintheUnitedStatesremovedthebarriersbetweeninsurance,bankingandcapitalmarkets。

NowlargeconsolidatedorganizationslikeCitigroupandothersneedtheabilitytohaveasingleviewofacustomerstransactionsandtomovedataacrossthosedistinctsectors。

CapitalmarketsinformationsentviaFIXandSWIFTneedstointegratewithdatafromanothersector,suchasbankingwithitsOFX,IFXandACHstandardsorinsurancewithrequirementsforACORDandAL3support。

BizTalkallowsinstitutionstopluginthesedifferenttransportsandprotocolswithoutwritingalargeamountofcode。

Presspass:Willuseofthistechnologyextendbeyondthecapitalmarketstootherareasoffinancialservices?

Whatstheroadmapforthefuture?

LaSalle:Becausethistechnologyenablesafullcommunicationnetworkbetweencommercialbanksandtheircorporatecustomers,itwillfinditswayoutintogeneralcorporateenvironments。

Forexample,NordeathelargestbankintheScandinaviancountries,with1millioncorporatecustomersisplanningtoleveragethisinfrastructurenotonlyinternallybutalsoontheircorporate-customerside。

Nordeawillallowcorporationsaccesstoautomatedpaymentprocessing。

Asforfuturedirections,theSWIFT15022protocolconversionisonlyaninitialdriver。

BizTalkandtheAcceleratorforFinancialServicesisacommoditized,simplewayofcreatingenterpriseapplicationintegrationnotjustforSWIFTmessagingbutforotherestablishedandfuturestandardsthatwillemergeinthefuture。

WellcontinuetodrivemoreRDintothisspace,addingmorefunctionalityaswego。


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