Diasoft, a leading financial software provider, has joined the Banking Industry Architecture Network (BIAN) to assist drive banking innovation and participate in the development of banking technology standards.

BIAN is an independent, member-owned, not-for-profit organisation, which, in collaboration with industry participants, aims to define and set the software standards for banking interoperability services. The network focuses on creating a standard semantic banking services landscape. Since its creation in 2008, BIAN’s mission has been to establish a service-oriented architecture (SOA) standard in the banking industry.

Diasoft was one of the first companies to realise the potential of service-oriented architecture. In 2005 Diasoft worked with BIAN-member IBM — one of the leaders of the SOA-industry, to implement the principles of SOA, EDA (Electronic Design Automation) and component-based business-process driven architecture into its next-generation FLEXTERA solution. Focusing on SOA principles and Java EE technologies, Diasoft created a universal component-based FLEXTERA system to deliver future-proof financial solutions to its customers. These can integrate easily within their existing infrastructure and meet both today’s needs and the strategic requirements of their businesses.

Today, the FLEXTERA system contains more than 70 off-the-shelf components for front-to-back automation of the modern banking industry. Each of the components can be either implemented independently, while still tightly integrated with existing software, or alternatively, as a full solution - bringing all the benefits of modern architecture for financial institutions. More than 800 business processes are supported out-of-the box covering every aspect of retail, corporate and investment banking.

Diasoft believes that SOA is the best solution for the financial industry for facilitating the development of new applications, while also speeding up the time-to-market for new products.

BIAN membership will provide Diasoft with numerous advantages, including a greater insight into the exact needs and requirements of banks, the opportunity to jointly solve the technology issues banks are facing today, and the ability to gain increased knowledge from work in progress on service standards.

“BIAN’s service landscape serves as a reference model for financial institutions globally and we are excited to be taking an active role in shaping of the industry standards which will bring numerous benefits to financial institutions globally, such as an increased business agility, improved operations, and decreased IT spending”, - said Mikhail Kryuchkov, International Business Development Director at Diasoft.

Members of BIAN support the banking industry by combining knowledge of the requirements and trends of the Financial Services landscape with the ability to design and provide new IT-solutions. Therefore, through membership of BIAN, Diasoft will obtain a strong network, through which to exchange information and knowledge and support the sector's transition to newer, non-proprietary technologies.

Last year Diasoft has assessed FLEXTERA to fit BIAN’s approach to building banking architecture and componentisation of the solutions. By results of assessment FLEXTERA turned out to perfectly match to BIAN`s financial services landscape.

“At Diasoft, we are proud of being a pioneer in the adoption of SOA principles. We always aim to deliver the most innovative technologies and the market’s best solutions to our customers”, - said Mikhail Kryuchkov, International Business Development Director at Diasoft.  “ of architectural principles should simplify the integration between components from different vendors and help banks to build more effective IT architectures. We believe that with our BIAN membership, we will be able to deliver to our clients the most cutting-edge technologies and open solutions and help them to innovate. We look forward to our productive partnership and the benefits it will bring all of us.”

Hans Tesselaar, executive director, BIAN said: “BIAN is growing at an amazing rate, with new members from banks, software vendors and service providers continuing to come together to develop a new industry standard – a flexible architecture that can improve a bank’s ability to work flexibly across systems and help reduce integration costs. “It is great to have Diasoft join this growing network – a company that sees the real value of adopting and implementing SOA principles.”