Financial institutions are directing their investment in XML technologies towards internal initiatives, rather than multi-institution efforts, says a new report from Meridien Research.
The report, "XML: Are We Speaking the Same Language?", reveals that tight budgets are leading many institutions to pursue internal projects that will bring more immediate and assured return on investment than outwardly focused, multi-institution efforts.
However, this may change in the near future especially if the economy improves, believes Meridien.
Sarah Ablett, analyst at Meridien Research, says: "Though the majority of financial services institutions may remain inwardly focused for the time being, the wise players are keeping their eyes on the ultimate prize of institution-to-institution interoperability, automation, and true straight-through processing. The promises offered by XML for these purposes remain strong arguments for continued investment in and exploration of XML initiatives."