Reconceptualization of IT services in Banking Industry Architecture Network

Abstract

Banks are facing challenges that require a new way of viewing business operations and adapting to an environment of continuous change. To achieve flexibility and interoperability, banking IT services created in the context of the Banking Industry Architecture Network (BIAN) with an underlying architectural pattern originate from a service-oriented architecture (SOA). The strategy includes conceptual service and process specification in terms of BPMN or UML use cases as the languages of choice for business process modeling. In this context, this paper proposes basing a conceptual-level modeling language on a foundation called the Flowthing Machines (FM) model. The paper compares UML as a language for depicting the behavior of complex financial systems side by side with a corresponding FM representation to give the reader a general appreciation of the adaptability of FM as a supplement or alternative representation of processes in this type of domain.