Banks push for open standards

Leading banks are pressing IT suppliers to take-up open technology standards, in a drive to reduce the cost and complexity of banking technology.

Deutsche Bank, ING and ABN-Amro are among a dozen international banks leading an initiative to introduce open standards in banking IT.

The banks claim that common standards between IT suppliers that provide software as a service (SaaS) could reduce bank IT integration costs by up to a third, and dramatically reduce the likelihood of IT projects running over budget.

SOURCE: computerweekly.com