Using Semantic Web Services in E-Banking Solutions

Using Semantic Web Services in E-Banking Solutions

Laurent Cicurel (iSOCO, Spain), José Luis Bas Uribe (Bankinter, Spain), Sergio Bellido Gonzalez (Bankinter, Spain), Jesús Contreras (iSOCO, Spain), José-Manuel López-Cobo (iSOCO, Spain) and Silvestre Losada (iSOCO, Spain)
Copyright: © 2009 |Pages: 17
DOI: 10.4018/978-1-60566-066-0.ch016

Abstract

Offering public access to efficient transactional stock market functionalities is of interest to all banks and bank users. Traditional service oriented architecture (SOA) technology succeeds at providing reasonable, good Web-based brokerage solutions, but may lack extensibility possibilities. By introducing Semantic Web Services (SWS) as a way to integrate third party services from distributed service providers, we propose in this chapter an innovative way to offer online real-time solutions that are easy-to-use for customers. The combined use of ontologies and SWS allows different users to define their own portfolio management strategies regardless of the information provider. In deed the semantic layer is a powerful way to integrate the information of many providers in an easy way. With due regard for more development of security technological issues, research on SWS has shown that the deployment of the technology in commercial solutions is within sight.
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Current Situation: Brokerage Application Based On Web Services

Banking companies have invested heavily in the last few years to develop brokerage solutions based on a new dominant paradigm in the IT World: service oriented architecture (SOA). The concept of this paradigm is not new: propose a loosely coupled distributed system architecture where independent services provide functionality, so that the difficulty is divided which leads to reduce the development cost and improve the reusability. But the technologies to implement this paradigm are relative new. Web Services are one of the solutions that appeared a couple of years ago and that made the success of this paradigm. For this reason Web Services are often confused with the SOA paradigm.

In this section we first present in more detail the business case for the brokerage application that we propose. We will then explain why a service oriented architecture implemented using Web Services technologies is a suitable solution. The solution properties will be detailed and it will be shown that this kind of architecture is suitable for brokerage application. We then present what the benefits of such an architecture are from both, a technical and a business point of view.

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