Industry standards have played a key role in the implementation and definition of payment processes in the banking industry. The payment standards were specifically designed to structure and align collaborative business scenarios between organizations and financial institutions. Today, the number of standards is increasing dramatically as banking organizations start to define standards for their internal business processes such as loan processing, cash accounts, treasury and other processes. Banks are preparing to take advantage of these emerging standards to improve collaborative business processes and to increase operational efficiency in an industry where execution can be a critical to mission success .
Getting Started
Overview of the Most Important Industry Standards for the Banking Industry This page provides a summary of the most relevant standards for the Banking industry. These standards primarily address payment processing.
More on Industry Standards
Standards and Service-Oriented Architecture (SOA) SOA is a business-driven software architecture that increases adaptability, flexibility, openness, and cost-efficiency. With SOA, organizations can compose applications and enable business processes rapidly using enterprise services. With SOA, organizations can improve their reuse of software and become more agile in responding to change. Standards are critical to SOA as they enable SAP and non-SAP applications and services to interoperate, so that they work together as seamlessly as possible, without adding unnecessary cost and risk to the business.
