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webMethods Outlines Framework for Web Services

Integration software developer webMethods, Inc. has issued an outline to plan and deploy Web services to solve business problems within the financial services industry. In a recently released white paper, "Enterprise Web Services in the Financial Services Industry: Driving New Integration Solutions," the Fairfax, Va.-based webMethods presents six scenarios utilizing Web services spanning the four main segments of the financial services industry: retail banking, wholesale banking, securities and insurance.

"We're cutting through the hype surrounding Web services to introduce realistic ideas for applying Web services as a means of solving real-world business problems and improving processes within the financial services industry," said Darren Oberst, vice president and general manager of webMethods' Financial Services Business Unit. "This white paper is a practical guide for financial services companies so they can begin planning and implementing successful Web services strategies today."

Financial services is a fast-paced industry characterized by continuous change and stiff competition. Market dynamics change frequently with new regulations, customer capriciousness, and the volatility and fluctuations in the economy that affect the capital markets. To respond to these market forces, financial institutions have become leading adopters of information technologies.

Web services is an emerging technology that has the potential to offer financial institutions new ways to serve their customers. Capitalizing on a standards-based approach, Web services can expose functions and information within financial systems and allow firms to creatively configure existing offerings into new bundles of products and services. Once exposed, Web services can easily be accessed and reused, greatly reducing the total cost of ownership of financial systems. As a result, financial services companies are becoming early adopters of Web services technology.

webMethods is the first company company to ship a product for the development, integration and management of Web services.

The company has more than 750 customers worldwide including Bank of America, Citibank, Dell, Eastman Chemical, The Ford Motor Company, Grainger, and Motorola. WebMethods' strategic partners include Accenture, AMS, BMC Software, BroadVision, Cap Gemini Ernst & Young, Deloitte Consulting, EDS, Hewlett- Packard, i2 Technologies, J.D. Edwards, KPMG Consulting, Microsoft, Oracle Corp., SAP AG and Siebel Systems.