Banks refresh legacy systems with SOA to enable faster payments

摘要

Banks are re-using technology to help them take advantage of a joint Office of Fair Trading (OFT) and banking industry initiative to reduce payment processing times to one day. The introduction of the Faster Payments System (FPS), which goes live today (27 May), is the latest IT challenge facing banks. FPS offers people the ability to make internet banking and telephone transfers between banks in near real-time. Standing orders can be processed on the same day, rather than the usual three days.