Web services applied to the banking domain
|Title||Web services applied to the banking domain|
Web Services are an evolutionary and promising development paradigm in the move to distributed computing on the Internet. Web Services offer solutions to various problems in the area of distributed systems; they promise interoperability among heterogeneous applications, they support dynamic detecting and binding of services and they promise technology independent communication. However there is little experience with the new technologies and standards and the question arises if Web Service technologies really fulfil the high expectations.In the financial industry existing applications highly influence the development of new ones; existing business requirements, implementation restrictions and existing interfaces are only some issues that have to be considered during the development of applications that need to be integrated into an existing software environment.The application of Web Service technologies for the development of financial systems promises the possibility to handle integration issues in an easy and standards-based way. Tools, that support the development of Web Service based systems already exist and promise easy development of such systems. These existing tools and technologies must now be mapped to the financial application domain.This paper investigates the limitations and advantages of using Web Service standards and technologies to implement financial applications. The paper describes the influence of Web Service technologies on the design and implementation of an application. The paper presents various methods to test Web Service-based financial applications. The experiences described in this paper result from the implementation of a prototypical financial application based on Web Services.