IBM announced a new software solution and professional services to help banks progressively renovate existing payments systems and rapidly deploy new, reusable payments capabilities using service-oriented architecture (SOA) to deliver new payments products, drive organic growth and reduce payments infrastructure costs.

Banks are grappling with the task of renovating older payments systems in response to competitive, regulatory and cost pressures. Many payments systems are siloed, running on multiple platforms from different vendors, each with unique data types, interfaces and message routing capabilities. In addition, many payments functions are deployed redundantly across multiple systems, creating unnecessary costs for banks as they maintain duplicate capabilities. As a result, application development and data integration is more complex, time-consuming and expensive than ever before.

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