Financial institute need report their position and risk parameter to their clients. Instead build their own database and calculation engine, out source the calculation to our service may be a cheaper solution.
With the proliferation of data and the increased need to exchange data, there is a desperate need for a data format that can be shared. XML, which is ASCII-based and self describing, can serve as the data interchange format in a Time and Attendance System. XML enables the integrators to reuse interface code, extend and modify data structures to accommodate personalization and internationalization, and design the system without worrying about limitations imposed by data sources.
Another advantage that XML brings is its extensibility. Data fields can be added without disrupting the existing structure and applications. For example, consider global development and the different holiday schedules of each country. With XML, the developer can use the same pay-period DTD, but just drop in a new holiday attribute. XML makes the localization of an application easy, maximizing code and data model reuse.
Duration, Convexity and Cash flow