to Financial Institutions
London, 26 January, 2005 â Forty Two Objects Limited, the new-generation technology provider of business-responsive applications and components for a Service-Oriented Architecture, today launched its suite of Service-Oriented Business Applications (SOBAs) to the financial services market. Forty Two Objectsâ SOBAs provide a future-proof alternative to the time-consuming, expensive and complex task of streamlining and automating existing business processes using traditional technology.
Using a new style of application development that deploys an âontologyâ design approach, 42 Objectsâ sophisticated solutions are based on a comprehensive library of reusable business services and general business patterns. Using the latest industry Business Process Management (BPM) tools, the business services can be rapidly choreographed into business applications and integrated into new or legacy environments. The 42 Objects product launch brings to market the result of 18 monthsâ research and development. Having secured Â£2million investment from 3i, Europeâs largest venture capital company, in August 2003 and client-tested its netting business application in 2004, 42 Objects is now working with a number of financial institutions around the City of London to further develop its margins, valuations and funding business applications.
Jeremy Wood, CEO, 42 Objects, says, "In the last few years, infrastructure providers and financial institutions have invested billions of dollars into building technology frameworks for the future. Now, with the maturing and general acceptance of industry standards such as XML, J2EE, .NET, SOAP, WSDL, the time has come to capitalise on the business benefits associated with these new environments. Forty Two Objectsâ SOBAs deliver the business content that enables financial institutions to leverage this technical infrastructure and gain real business benefits and cost efficiencies."
Forty Two Objectsâ composite applications capitalise on existing business blocks to compress deployment and ensure an early Return on Investment. The robust and re-usable SOBAs are instrument agnostic and self-adapting for effective cross-instrument functionality. The companyâs range of applications, which operate within a Service-Orientated Architecture (SOA), offer a viable alternative to the work arounds, manual processing, temporary spreadsheets and sheer force of will that still remain commonplace.