The Banking Industry Architecture Network (BIAN) today welcomes five new members to its rapidly growing network – taking the not-for-profit to a total of 63 leading banks, software vendors, service providers and academic partners across the world.
Financial services company Discover, software company Oracle, technology corporation Hewlett Packard Enterprise (HPE), Siam Commercial Bank (the second Thai bank to join) and Brazilian cooperative bank Sicredi, will now work with existing BIAN members to continue developing the standardised IT framework for global banks.
The new members will advise global banks on the benefits of complying with BIAN’s international IT model for banking business scenarios, whilst using the BIAN standard as a framework for future implementation of services and products. The model is based on a service-oriented architecture (SOA) that identifies the core business capabilities within global banks and separates them into standardised semantic dimensions.
Discover Financial Services, one of the most recognised brands in U.S financial services with over 10,000 employees, has joined to leverage a banking-industry-specific framework and standard messaging to speed the delivery of new products and services. Oracle, the second largest software maker in the world is contributing to the network with active participation. Meanwhile, technology giant HPE will both guide the direction of the BIAN standard, while using the framework to clients in the financial services sector to innovate and grow.
The news that Discover, HPE and Oracle are joining BIAN highlights the increased popularity of the network within North America. These companies will be active in the newly formed North American chapter of the network.
Established in 1906, Siam Commercial Bank provides a full range of financial services including corporate and personal lending, retail and wholesale banking.
The fifth new member, Brazilian cooperative bank Sicredi can share knowledge on regional preferences, especially in the area of Cooperative Banking together with existing BIAN member RABO, with other BIAN members.
As more and more FinTech disruptors are entering the market, banks are now expected to deliver solutions that satisfy the “always on” mentality of their customers. Banks with outdated legacy systems, often find themselves struggling to keep up with changing expectations. BIAN aims to solve this by bringing together experts across the FinTech and banking landscape to build an IT framework to allow the industry to innovate and respond faster to consumer needs.
APIs (application programming interface), which allow two pieces of software to communicate, are high on the agenda as financial services companies are facing a highly fragmented marketplace. A solution is a ubiquitous set of APIs that would allow banks to innovate and retain client security, whilst balancing this with telemetry around user activity that is necessary for banks to tailor and market new products. To support the banks and FinTechs alike, the network has created the BIAN API Working Group which will leverage BIAN assets (primarily Service Domains) to identify areas of opportunities for external APIs. The second phase will take the API candidates beyond the canonical model into realisable service endpoints. This new BIAN group is working closely with a group of students from Carnegie Mellon University who are conducting a BIAN Capstone project on an Open API standard framework.
Hans Tesselaar, Executive Director BIAN commented: “The five new members joining BIAN today demonstrate the positive influence the network has over the financial industry and how the framework is allowing financial institutions to innovate in line with ever-changing consumer expectations.
“Adding HPE, Oracle, Discover, Siam Commercial Bank and Sicredi to the sophisticated BIAN community will continue to boost the network’s expertise across the banking landscape.
“The international presence of BIAN and the collaboration between banks and their service providers/ IT providers ensures BIAN continues to develop a standardised IT banking business framework that can revolutionise the whole financial industry”
Dr. Marc Brogle, Chief Technologist, HPE Banking Service Center added: “Hewlett Packard Enterprise has always been committed to contributing to and supporting open standards through collaboration. At BIAN, we expect to join a rich ecosystem comprised of our customers, universities, other industry leaders and even our competitors. This collaboration will be a journey to maximise the simplification of banking systems environments, reduce innovation time to market and assist our customers to modernise their core processes using a standardised approach.
“We have a strong team of senior banking experts that will influence and contribute to BIAN efforts and assets, where possible. Moreover, our Client Transformation Practice will use BIAN standards to enable us to drive and guide roadmaps towards simplification and exponential improvements for our customers’ core business capabilities, complemented by our solutions portfolio.
“Finally, BIAN will be our cornerstone to deliver world class solutions for the new style of business in financial services.”