The initiative, unveiled as part of a raft of new Web Services solutions showcased by BT, will create a secure network for the delivery of a new range of interactive and peer-to-peer services for the wholesale financial markets says Syntegra.

Web Services use a set of open standards to allow applications to integrate seamlessly without the need for bespoke programming to 'cement' them together.

Many banks have expressed an interest in the deployment of Web Services technology for improving operational efficiency and simplifying existing procedures, but have so far limited their application to small-scale internal projects. The early adopters have been reluctant to extend their experiments beyond the enterprise - where the real benefit of the Web Services approach will kick in - because of security worries.

Syntegra is planning to supplement SettleNet with BT's Web Service Management Layer, creating an "industrial-strength" delivery network aimed at the real-time automation of the trade processing lifecycle from trade confirmation, clearing, agency reporting and settlement.

Andy Green, chief executive officer of BT Ignite, BT's business services solutions division, says: "When we launched our Web Services strategy last September, we promised a number of things: a vendor agnostic approach; a test environment to help companies in the early stages of deployment; a business class environment for the secure and reliable delivery of Web Services outside the firewall; and a Web Services library to enable components to be easily re-used in the creation of new solutions. These were all achieved on time and we are now talking seriously with a number of customers about how they can practically deploy Web Services. We hope to reveal their names shortly."

Other solutions showcased by BT include: URU, an online identity checking service for organisations needing to authenticate and validate identities and addresses; and a 'proof of concept' telematics solution demonstrating the benefits of component re-use.