| dc.description.abstract | Inefficient trading processes (trade, clearing, settlement) and globally increasing transaction volumes and speed require a thorough integration and automation of cross-border trade processes. A variety of mostly XML-based initiatives struggle to become the industry wide communications standard.In this paper, the status quo of XML usage within and between globally operating banks and the role, recognition, and relevance of initiatives aimed at developing an industry wide standard to enable a Straight Through Processing are analysed. FpML, FIX, SWIFT and ISO 15022 are considered the most important standards. Many banks see XML document size (transformation performance and bandwidth) as an obstacle to using XML but nevertheless unanimously agree on its role as future lingua franca. Overall, due to functional as well as strategic reasons elaborated in the paper, ISO 15022 is expected to become the dominant standard. | |
