The Banking Industry Architecture Network (BIAN), an independent not-for-profit association, has completed the development of a globally standardised IT architecture design for banks.
BIAN has finalised its banking technology framework, called Service Landscape 4.0, following seven years of collaborative work between international banks, vendors, service providers and academic institutions.
BIAN’s Service Landscape, designed by members including SAP, Microsoft, IBM, UBS, PNC and ABN-AMRO, defines the standard business capabilities that make up a bank, grouped into Service Domains.
The new model moves away from the traditional approach to core banking, which relies on distinguishing between capabilities such as consumer, corporate and capital market products, and promotes an integrated approach to managing banking processes.
BIAN executive director Hans Tesselaar said: "BIAN members have worked tirelessly to develop this global banking IT standard that will support banks to overcome legacy IT issues and drastically cut the cost of technology integration.
"By implementing this on an industry and world-wide scale, banks will be able to develop and on-board innovative technology offerings without battling through aging or tangled enterprise architecture and at lower integration costs."