Moreover, the Financial Services OBA Component Library provides interoperability through Web services and industry standards, such as the Association for Cooperative Operations Research and Development, Financial Information eXchange and Interactive Financial eXchange, Microsoft officials said.

For banking, the OBA component library provides a lending reference architecture, common online banking components for consumer portals and broker commission scenarios, Microsoft said. For the insurance industry, the library provides claims processing, channel sales, and life and annuity scenarios leveraging Microsoft Silverlight and SharePoint Server for a rich user interface. And for capital markets the library provides structured product scenarios using Office Open XML, the company said.

Meanwhile, Walker said of the financial OBA library components: "These components are built as composite OBA components. This makes these components ‘composable' in a mashups fashion. Since the components are driven by industry scenarios they address discrete areas of functionality in financial services business processes."

Also, the components fit into an end to end set of business capabilities and processes, Walker said. In addition, the components are all built on industry standards, "which makes these interoperable not only at the protocol level but at the business process level," he said. "These components break down the classic interoperability barriers. OBAs show customers new integration patterns and new uses of line-of-business information."

Microsoft's Financial Services group helps financial firms leverage technology to amplify the impact their people can deliver to drive business success, company officials said.