Systematic analysis of web service architectures for banking system integration and interoperability
Posted: Dec 23, 2024
Abstract
The evolution of banking systems has accelerated dramatically in recent years, driven by digital transformation initiatives, regulatory requirements, and increasing customer expectations for seamless financial services. Banking institutions operate in complex technological ecosystems comprising legacy mainframe systems, modern microservices, third-party financial services, and regulatory reporting frameworks. The integration and interoperability of these diverse systems present significant challenges that conventional web service architectures often fail to address adequately. This research addresses the critical gap in understanding how different web service architectures perform in banking-specific contexts. While previous studies have examined web service architectures in general enterprise environments, few have systematically analyzed their applicability to the specialized demands of banking systems. The banking domain presents unique challenges including strict regulatory compliance, complex transactional semantics, high security requirements, and the need for real-time processing capabilities. Our study introduces a novel analytical framework that evaluates web service architectures across multiple dimensions specifically relevant to banking environments.
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