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The New Building Blocks

Firms are increasingly using components for critical systems. By Renee Wijnen

In February, the Bank of New York went live with MoneyFundsDirect.com, which allows clients to invest in overnight money market accounts online. The project, which started last August, took five people five months to complete. A few years ago, the same project would have taken the same team about 12 to 18 months.

The difference was component-based programming, says Alan Goldstein, the Bank of

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