Choreology looks at how application co-ordination technology can be used to solve the problem of inconsistentencies in trade processing by synchronising business processes at the application level.
In many industries, the elements of a business process, or a party and its counterpart, use systems that are designed around the 'hope for the best’ principle. Similar to a 1970s auto plant, the approach is 'build, inspect and fix'.
The main flow of work or interaction is followed by a process or procedure that catches inconsistencies after the event. For example, in the context of securities trade processing it is very common to carry out end-of-day batch reconciliation runs to ensure that trade or trade-reference data has reached the designated set of systems. This ensures that the flow towards ultimate clearing and settlement can proceed. When failures or breaks in consistency are discovered, these are recorded (in a fail queue, for example), and then presented by a secondary repair system on a work-list to a person in the department responsible for fixing the problem.
This 'inspect and fix' approach can be very expensive, particularly when processes and interactions involve complex, high-value transactions.
In this white paper, Choreology presents the case for an intra-day, reliable and coordinated approach to integration that delivers and ensures consistent results across all systems and processes. The technique is explained with reference to the firm's Cohesions 1.0™ technology which helps organisations build software solutions that implement and facilitate business relationships, inside and across the firewall, by providing linkage and integration at the application level rather than at the data store level.
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