Application development based on Microsoft's Component Object Model (COM) was rubber-stamped by Lloyds Bank last week as it went live with a 170-user credit risk application using technology from Raft International.
The component-based system will allow the Lloyds TSB Group to develop financial applications quickly and to respond to changes in the business much faster.
Dermot Doughty, Lloyds divisional manager in charge of IT and operations, said: "We now have a platform that contains reusable components and will work across a large number of users. With a relatively small development team we can mount projects that respond to new business directions within a short time."
The bank is using the system to enhance its foreign exchange positioning, a project that must be completed in three months.
The credit risk application has been developed by Raft using its Component Inventory, a set of reusable business components that can be rapidly assembled to create new, bespoke applications. All components are developed in Microsoft Visual Basic 5 or C++ using COM technology and use Microsoft's SQL Server database under Windows NT.
David Priestly, managing director of Raft, expects use of this type of technology to continue to grow as more financial institutions become aware of the benefits of the component-based approach. "We are confident that the Raft Component Inventory will benefit most development projects in the financial arena and our aim is to add to the inventory through our own research and development, and via joint venture developments with our customers," he said.
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