The Banking Industry Architecture Network e.V (BIAN) welcomes three new members to its fast growing global network today, creating an international network of 60 of the leading banks, service providers, software vendors and academic partners.
The international software and BPO provider Avaloq, Lebanese banking core applications developer BML Istisharat and financial services technology provider Fiserv, will now work with the current members to continue to develop the standardised IT framework for the banking industry.
The BIAN model relies on a well-defined service orientated architecture (SOA) that identifies the core business capabilities within global banks and separates them into standardised definitions, creating the opportunity for banking technology professionals to modernise their services by choosing the services that suit their needs.
It has never been more essential for banks to innovate and adopt technologies that allow them to stay ahead of their customers' increasing demand for digital capabilities. Fiserv intends to leverage the BIAN model for the future development of products for its thousands of financial institution clients and Avaloq will contribute its expertise to the BIAN network, providing product development and services know-how to the organisation.
The diversity of BIAN's members is a pre-requisite in developing a technology model that suits the requirements of the varied international banking landscape. The BIAN platform has the ability to connect banks with their key stakeholders in the industry, creating an opportunity for collaboration and discussion over the future of technology within the sector.
This news comes after the launch of the finalisation of BIAN's 4.0 service landscape in May 2015. Service Landscape 4.0 finalises the identification of Service Domains and takes the number of defined Service Operations from 375 to nearly 2,000. BIAN believes that it is likely that as banks put the framework into practice more service operations will be highlighted. The model is a step away from the traditional siloed approach to core banking, which was focused on distinguishing between different products within the area.
Hans Tesselaar, Executive Director BIAN commented: "These three new members enhance the already diverse membership base of the BIAN network. Introducing, Avaloq, Fiserv and BML Istisharat to the network will further strengthen BIAN's ability to discuss solutions for the ever changing financial industry. With the new additions emphasising innovation within financial services, BIAN members from across the world will be able to work with and implement new technologies to enrich their client offering. The new members joining today will support BIAN into an even better position to continue the development of a standardised IT banking business framework that can benefit the entire global financial ecosystem."