OpenFinance, the publication of Sun's Worldwide Financial Services division, provides the financial community with information about global trends and challenges. The latest issue highlights some of the projects that are making straight through processing a reality, as well as features on JavaTM technology.

The current issue features articles such as:

"Straight Through Processing"

eSpoc, a New Jersey-based company with an IT infrastructure focus integrated with an investment management perspective, is creating solutions based on a suite of Java technology-based tools.

"We built the tools with the asset management business in mind," explains eSpoc's CEO and founder, Yuval Lirov. "Our way of implementing this concept of integrated support--putting together all aspects of systems and accountability--is the new thing. Ten years ago, only the top-tier investment banking firms could afford to implement a risk system. Today, by using standardized methodology and Java technologies, we can expedite integration of such systems, deliver better functionality and reduce its costs."

"Java Technology: Up Close And..."

The UK's Cooperative Bank, founded in 1872, has a long history of retail banking firsts. However, aging technology was becoming a barrier to introducing better customer services into its 90-plus branches. To achieve this, the bank needed to automate routine tasks as far as possible, freeing up staff to spend more time with customers. At the same time, it needed new customer-facing systems that would help staff to sell financial services more effectively.

The Coop liked the idea of being able to use Java technology to build a system made up of reusable components that could be easily deployed in other systems, speeding up the rate of development in future. The thin-client system, based on Sun RayTM 1 server thin-client technology, has enabled the bank to present a leading-edge, professional image to its customers.

"Trends: Retail Banking"

For banks that want cutting-edge branch technology without the cost of maintaining a large branch network, Java technology-based thin client systems are emerging as the ideal solution. Using thin-client technology, complex branch LANs and servers can be replaced by simple low-cost terminals in branches.

Given Java technology's Write Once, Run AnywhereTM capabilities, banks can introduce Java technology-based applications to their existing PC-based networks now, knowing they can be moved over to thin-client solutions with little disruption to business.

With these advantages, it is hardly surprising that, as Jim Callan, chief executive of Dublin-based banking software specialist Eontec, observes, "We're seeing huge willingness to adopt Java technology in branches for all major banks. Java technology gives them wider device support, plus the strength to run branch applications and connect into traditional legacy systems better than any other solution."

The full articles and more are available on the web site: http://sun.com/finance/openfin [...read more...]

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