A service-oriented architecture for financial business processes

Abstract

Recent years have witnessed a tremendous growth in information and communication technologies that facilitate the design and implementation of complex inter-enterprise business processes. One of the major innovations is the concept of service-oriented architectures which considers software systems as being made up with autonomous, dynamic, loosely coupled and service-based components. This paper describes an attempt to automate financial business processes by utilizing a number of basic and composite services. As a case study, the paper describes the implementation of a realistic business process that is related to simulating a trading strategy in capital markets. An evaluation of the appropriateness of service-oriented architectures is conducted taking into account a number of factors such as flexibility, performance and development costs.