The Banking Industry Architecture Network (BIAN) has signed four new members including its first Asian bank, Bangkok Bank, which is Thailand’s largest commercial bank.
The other new members of BIAN are blue chip financial services consultancy Tata Consultancy Services (TCS), Erste Group, a financial services provider in central and eastern Europe (CEE), and Axxiome, a financial services consultancy firm.
Gaining further traction in Asia, BIAN has also formed its first academic partnership, with Singapore Management University (SMU). The university will interconnect core banking solutions using the BIAN service landscape. SMU has designed a multi-year programme entitled ‘SMU Teaching Bank for Financial Services Technology Education’ (SMU Teaching Bank). It will see a teaching bank built from the ground up, using a mixture of vendor products, to demonstrate real world change scenarios such as a core banking system replacement or a bank merger.
Hans Tesselaar, executive director of BIAN, welcomed the new members. “Bangkok Bank’s collaboration in the working groups will ensure our efforts have a truly global scope,” he said “Asian financial institutions are embarking on a wave of core system renewals and upgrades, as new foreign entrants are forcing domestic enhancements.
“Celent predicts spend on core systems in Asia-Pacific to exceed US$2bn in 2013. Integration costs can be as much as triple the purchase cost of software, meaning these banks could be spending up to US$6bn on integration, which is in this moment of time, unnecessary. It is imperative that Asian banks collaborate with their international peers when planning these core banking projects and adopt open standards for service-oriented architecture [SOA].”
BIAN is a representative body for the virtual community, which is working to establish and promote a common architectural framework for banking interoperability issues. The latest signings brings BIAN’s total network membership to 34 members, comprised of 15 banks and 19 systems integrators and software vendors.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
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