Deutsche Bank, ING and ABN-Amro are among a dozen international banks leading initiative to introduce open standards in banking IT. Banks claim common standards between IT suppliers could reduce bank IT integration costs by up to a third, and dramatically reduce the likelihood of IT projects running over budget. The banks claim that common SaaS standards could reduce costs by a third of banking integration costs. The initiative is being pushed to reduce the cost and complexity of banking technology by introducing open standards between suppliers.”]
Source: https://informationsecuritybuzz.com/news/banks-push-for-open-standards/