Why Standardization may help in current financial problems?
Not all variations are good. Nature loves diversity. But each variation needs some care. In financial world Diversity does not make sense. Standardization is the only solution. Each vendor , company, country , state , and authority should be limited in their format demands and regulatory expectations. This diversity has created huge mess in transaction processes. Financial processes should be simple, safe and secure. It is only possible , if we have the following.