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Making Web Services Work

This article explores how process-oriented middleware (POM) is radically transforming the financial services infrastructure. POM, underpinned by self-executing logic and self-describing data, enables declarative description and scripting of processes, dynamic distributed policy management, and runtime process optimization. It provides lower cost solutions, supports long-lived processes, and delivers the agility needed to adapt to rapidly changing markets. POM is a powerful abstraction that facilitates the decomposition, decoupling, and distribution of complex business processes.

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Making Web Services Work

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  1. Making Web Services Work Duncan Johnston-Watt Chief Technology Officer, Enigmatec Corporation W3C Web Services Choreography WG, F2F, Oracle, March 13, 2003

  2. Proposition Within five years Process-oriented Middleware will be the dominant platform for distributed computing Over the next three years Process-oriented Middleware will radically transform our Financial Services infrastructure

  3. Gestalt Shift • Message-oriented Middleware • Underpinned by Self-Describing Data • Led to explosion in event-driven programming • Pioneered in Financial Services, SCM, … • Process-oriented Middleware • Underpinned by Self-Executing Logic • Intelligent Infrastructure • Building blocks - Java™ Technology and XML • Formal foundations - -Calculus • Coming soon to a Financial Services institution near you …

  4. POM in a Nutshell • Very powerful abstraction • Closer to the holy grail of “Interfacing Thought” • POM is all about what CJ Date calls “What, not how” POM enables – • Processes to be described declaratively • Conversations between processes to be scripted declaratively • Process requirements to be specified declaratively • Resources available to be listed declaratively

  5. POM in a Nutshell • Facilitates the decomposition, decoupling and distribution of complex business or operational processes • Delivers what the business needs • Dynamic distributed policy management • Automatically compensates for IT constraints • Agility • Enables runtime process optimization • Refracturing

  6. Change in work practices Fundamental change in business Fundamental change in regulations Rapidly changing markets The Challenge Formulate processes centrally Distribute across IT infrastructure Modify locally without loss of control Support long lived processes Provide lower cost solutions

  7. Simple Example – Dynamic, Distributed Policy Management Challenge • Needs to provide consistent distributed validation and calculation services to enable the roll out of a New York order management system on a global basis Requirements • Enable change to the validation and calculation rules to be immediate • Enable central control and local personalisation of rules/processes • Massive scalability through high degree of decoupling and distribution • Low total cost of ownership POM • Supports dynamic updating of rules on the fly • Supports central control with local personalisation • Leverages a highly distributed architecture for process execution • Light weight and lower cost solution over a distributed environment

  8. POM & Financial Services • Straight Through Processing (STP) • Core business processing • Pricing and Risk Management Services • Process-oriented approach • Distributed analytics • Smart Routing • Process-oriented approach • Intelligent networking The bottom line is that enterprises that refuse to provide appropriate funding and management backing to enable the systematic building of their enterprise’s software infrastructure and, specifically, its Enterprise Nervous System (ENS), as part of the worldwide information grid are putting at risk their long-term viability. Gartner Group, August 2002

  9. POM & Financial Services

  10. POM & Standards – Web Services Choreography? • POM is an enabling technology for distributed computing solutions • POM can be used in a Web Services play to lower the cost of integration and increase the agility of the offering • What does this mean?

  11. Recap: The Financial Services landscape Corba/MOM • Classic split into Front/Middle/Back office functions • Transactional islands are glued together • Biggest problems … • Integration of data • Integration of processing SvcLookUp XML Opaque IIOP

  12. Web Services for Financial Services WSDL • UDDI – Service repository used to look up services • WSDL – Interface for services • Built on Internet Protocols • Leverages XML • SOAP – The on-the-wire protocol SOAP UDDI SOAP WSDL

  13. So What’s New? • The Web • Web Services Stack • Built on Internet Protocols • Leverages XML • Basis for Semantic Integration

  14. Smart Financial Services WSDL • Need to handle choreography • Different scenarios have different conversations • Conversations are composed of sequences, forks, joins etc etc. • Conversation are state-full • transactional contexts • and theads (correlations) • Conversations have local and global behaviour • Choreography defines observable behaviour • Delivers semantic integration WSCI WSCI WSCI

  15. POM Implements Smart Financial Services WSDL • POM delivering just in time integration needed for STP and T+1 between institutions and inside institutions • POM can act as an outsourcing enabler because of it’s mobility POM POM POM

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