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Financial Services Receive B2B Integration Wakeup CallPublished by: TowerGroup Published: May. 1, 2000 - 13 Pages Table of ContentsHighlights Vision Introduction Elements of an Effective B2B Integration Solution B2B Opportunities for Financial Services Firms Recent Developments in the B2B Marketplace B2B Integration Tools Challenges to B2B Integration Conclusion AbstractB2B integration refers to the online integration of applications across firms in a secure, scalable, and open manner to support their business relationships over the Internet. Successful B2B integration in the financial services industry can create an environment where firms are linked together in a vast online network so they can engage in business transactions without having to develop direct point-to-point links. An effective B2B infrastructure can also help these firms connect with entities outside the industry—e.g., clients, partners, external networks, or other parties. For example, commercial banks and broker/dealers can connect into B2B exchanges (also known as B2B marketplaces) to provide financial services to the thousands of firms active on these online exchanges.But B2B integration cannot be effectively achieved by financial services firms with their current state of IT and operational infrastructure. While financial services institutions (FSIs) have made tremendous progress integrating internal applications by using technologies like middleware, such middleware functionality is limited in its ability to help these firms migrate applications over the Internet and achieve true B2B integration. Further, most middleware has focused on integrating data and applications together; only recently has the focus begun to shift to automating and integrating business processes. Even when certain business processes have been automated, they remain disjointed across products and functional areas, precluding effective B2B integration.
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