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Financial
Services Sector to Spend $8.3 Billion
on XML and Web Services according to
ZapThink Report
ZapThink
Announces Release of "XML in Financial
Services" Report
WALTHAM,
MA, March 15, 2002 -- The Financial
Services sector is adopting XML in a
big way. The pressures of integrating
complex, heterogeneous systems, the
movement to "T+1" processing, and financial
document preparation is making near-term
adoption of XML by Financial Services
enterprises a reality, according to
a report released today by ZapThink,
LLC, an XML-focused industry analyst
group. The Financial Services sector
spent over $195 Billion (US) on IT in
2001, with $985 Million invested on
XML technologies in 2002. Expenditures
on XML technologies in the Financial
Services sector will grow to over $8.3
Billion by 2005.
The
Extensible Markup Language (XML) is
supporting a wide range of critical
business functions at Financial Service
Provider (FSP) enterprises, including
enterprise and B2B integration, financial
document publishing, distribution, and
syndication, and risk management. XML
is also a key technology supporting
Straight-Through Processing (STP) efforts
and the movement to next-day or "T+1"
trade settlement times. The recently
released report by ZapThink highlights
these developments and identifies the
key ways in which the Financial Services
sector is making use of XML in its "XML
in Financial Services " report.
"The Financial Services sector has long
been an early adopter of emerging IT
technologies," said Ronald Schmelzer,
senior analyst at ZapThink. "XML is
a key part of their long term strategy
to lower operating cost, increase customer
satisfaction and revenue, and meet critical
business goals such as T+1 and efficient
financial document publication."
Other
key findings of the report include:
- FSPs
will seek to implement integration-centric
XML approaches first, and content-management
approaches second.
- The
industry's focus on Straight-Through
Processing and integration challenges
will constrict IT budgets to XML solutions
that specifically address these points.
- Budgets
for XML-based projects will greatly
expand in late 2002 and 2003
- XML-based
Content Management and Single-Source
Publishing can reduce up to 75% of
total publishing cost
- Toolset
immaturity and the impact of B2B and
Web Services standards will impact
Integration efforts and possibly make
some XML specification efforts redundant
The
ZapThink XML in Financial Services Report
that was released today provides a comprehensive
view of how XML is impacting different
areas of the Financial Services industry
including banking, securities, accounting,
real estate, insurance, and related
industries. Key issues addressed in
the report include key drivers for XML
adoption in these sectors, XML-based
solutions to the most common Financial
Services challenges, analysis of key
barriers to XML adoption in these sectors,
key specifications and standards influencing
the space including ISO 15022, FpML,
FinXML, MDDL, XBRL, IFX, OFX, IRML,
and RIXML, ROI analysis for implementation
of various XML-based solutions, and
key vendors and technologies offering
XML-based solutions in this space including
3Path, Adobe (NASDAQ:ADBE), ArborText,
Attunity, CapeClear, Clareon, Documentum
(NASDAQ:DCTM), eNow, Fidesic, HyperVision,
i4i, Interwoven (NASDAQ:IWOV), IONA
(NASDAQ:IONA), SEAGULL (AEX:SEAGULL),
SoftQuad (NASDAQ:CORL, TSE:COR), Tamesis,
Vasont, XAware, and XyEnterprise..
An
executive summary of the report as well
as other XML-focused research and analysis
on topics ranging from XML standards
to Web Services are available for viewing
at the ZapThink web site (www.zapthink.com).
About
ZapThink, LLC
ZapThink,
LLC (www.zapthink.com)
is a research and analysis firm focused
on eXtensible Markup Language (XML)
and Web Services standards, tools and
technologies, and its adoption by businesses,
scientific and academic institutions,
and governments. ZapThink produces and
sells XML-focused research and produces
the well-known Pros and Cons of XML
Report. Founded in October 2000, ZapThink,
LLC is headquartered in Waltham, Massachusetts.
Its customers include many of the leading
Global 1000 firms as well as many emerging
businesses. For more information, visit
www.zapthink.com.
Contact
Ronald
Schmelzer
ZapThink
681 Main Street, Suite 2-11
Waltham, MA 02451
Phone: +1 (781) 207 8534
Fax: +1 (786) 524 3186
rschmelzer@zapthink.com
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