Maria Nottingham, global marketing director at Compass Plus, stated that all software systems available to the banking industry have limited capabilities and will need to be upgraded in the future.
âThe larger the institution is, the more they require from their IT architecture. Many of them rely on numerous providers and systems installed at various times. The more flexible the latest applications are, the easier they will work with existing infrastructures,â she explained.
Ms Nottingham made the comments following the release of Compass Plusâ new TranzAxis application development platform.
The IT solutions provider claimed that the new application is the first open platform, financial services solution âof this scaleâ to be designed for the retail banking sector.
According to Compass Plus, the service is aimed specifically at financial services providers looking to implement new systems within strict deadlines or meet many of the stringent new regulations being implemented on the sector.
Many leading financial industry organisations and firms recently announced plans to collaborate on a new open source technology project.
NYSE Technologies, Bank of America Merrill Lynch and JPMorgan are part of a steering group looking to develop an open Middleware Agnostic Messaging API.
By Jim Ottewill