As banks face a growing number of costly incidents, it begs the question, why? According to a recent BBC News article and our own experience—the answer lies somewhere between an overdependence on antiquated code, complex line-of-business and geographical variations, mass mergers and acquisitions, tighter SLAs and changes in data transfer patterns.
Testing alone won’t be enough to fix the problems the industry faces. As analyst Lev Lesokhin told BBC News, “Modern computer systems are so complicated you would need to perform more tests than there are stars in the sky to be 100 percent sure there were no problems in the system.”
The solution rests in a consolidated, secure communications suite. For example, SEEBURGER Business Integration Suite simplifies the complexity of connecting diverse groups of customers, regulators, market infrastructures and stakeholders. The suite also delivers processes that enable end-to-end integration to the legacy systems most banking organizations currently utilize.
Along with innovations focused on migration, supporting vendor confidence and eliminating complexity, SEEBURGER Business Integration Suite can also play a key role in meeting the regulatory requirements set forth by Dodd Frank and Basel III. Visit our SEEBURGER financial industry solution center to learn more about what we offer organizations in the financial services sector.