BIAN Introduces Open-Source Specification Tool to Accelerate Digital Transformation

BIAN, the “independent” not-for-profit association, recently announced its Open-Source Specification tool.

Through its Open-Source offering, organizations now “have access to a set of message definitions made freely available for modification and redistribution.”

The tool has been “developed to further BIAN’s CORELESS BANKING INITIATIVE, which aims to promote a more effective approach to modernizing banking software.” Through collaboration, the tool has been “made possible because of the expertise of BIAN’s members, including JPMorgan Chase, IBM, Red Hat, Thought Machine, Zafin, Salesforce, DXC Technology, TCS BaNCS, Virtusa, CIBC, ServiceNow and Financial Data Exchange.”

As a “natural” evolution of the BIAN roadmap, the tool “makes it more accessible, intuitive, and easier to adopt the BIAN standard.” This is essential as banks look “to modernize core infrastructure as they attempt to align their services to the needs of the modern customer. Increased flexibility means developers can work in SaaS mode or offline, limiting barriers to modernization.”

Steve Van Wyk, Chairman of the BIAN Board and Global CIO, HSBC, said:

“The ever-changing market conditions of the financial services sector require flexibility and the ability to digitally transform at pace. BIAN’s new Open-Source Specification tool will be a driving force in the market and enable businesses to do just this. The development of the new tool is also a testimony to the benefits of collaboration and how industry problems can be solved by looking for inspiration outside of our own four walls. I look forward to seeing the difference the tool will make across our community.”

Chad Ballard, BIAN board member and Head of Global Banking Platform for Consumer & Community Banking at JPMorgan Chase, remarked:

“We are proud to have played a part in the development of BIAN’s Open-Source Specification tool. The tool will improve the user experience of BIAN members and accelerate adoption while supporting innovation and enhancements that will benefit the financial services industry’s digital transformation.”

The new features will include:

  • End-to-End Automation: Members will have complete access to the fully automated end-to-end BIAN tooling landscape, including the centralized database of BIAN artifacts, including over 240 well-defined APIs. All users will also have access to an enhanced feedback loop. This significantly removes friction surrounding continuous improvement and the deployment pipeline. It also encourages innovation through integrated feedback capabilities, enhancing value for the industry.
  • BIAN Message Model Accessibility: The tool can upload and compare any proprietary model to the BIAN Semantic API Specification through simplified mapping capabilities between the BIAN model and the core systems of the organization. Users can also introduce additional attributes that are not currently defined as part of the BIAN model as an extension.
  • Strengthened Security Features: The updated tool includes centralized authorization and authentication. This means that the registration process is more secure. Member organizations can now assign administrators to manage access to additional resources from their organizations.

Hans Tesselaar, Executive Director at BIAN, remarked:

“We are incredibly excited about the additional functionality we can now offer our members. BIAN constantly assesses how we can deliver more value, ease adoption, and enable the smooth integration and implementation of our standards. As we continue to encourage digital transformation within the industry, BIAN is committed to supporting sector-wide collaboration to achieve this goal. With the ability to expand the depth and breadth of our services by constantly learning from multiple banks and software providers, BIAN will continue to provide a common framework for banking services to cater to the fast-changing needs of the industry.”

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