The financial services industry is beginning to recognize the vital role XML will play in payments – particularly the payment-related demands of e-commerce and the online channel, according to research firm Towergroup. Across the financial services industry, e-payment standards have reached only an interim stage in their evolution, according to the group’s research, and banks and industry bodies are tending toward a tactical approach, experimenting with the implementation of XML-based specifications to address industry pain points. TowerGroup examined the impact XML standards will have on different sectors and found that XML-based schemas add value by streamlining interaction between organizations. Furthermore, they serve as a bridge between front-end channels and back-end payments processing, customer support and legacy systems. The group noted that automation is the most important driver of XML adoption in payments applications and XML will be widely used to streamline Web-based business processes, facilitate payment communications and reduce expenses. It will also offer value by simplifying interactions, providing consistency and enabling payments stakeholders to quickly adapt to market requirements without costly investments in multiple applications.
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