Service-oriented architecture (SOA) has become a popular phrase in corporate computing. SOA involves a loosely defined idea that often overlaps with other web and programming trends. Essentially, SOA lets business processes such as address verification or credit checks to be constructed using modular 'chunks' of software, which are called 'services.' These services have the ability to communicate with one another, so they can be used across the various parts of a business. Services are often stored in a central repository and are called by other programs as they are needed. The SOA approach can save considerable time and money for companies, since the software modules can be reused and reconfigured in different ways. This means that businesses do not have to start from scratch when they want to create a new software application or add features to an existing application. According to Vladimir Mitevski, vice president of product management core services at Thomson Financial, it once took his firm six weeks and 20 people to create, deploy, and maintain service offerings for Thomson One, a software platform used in the financial industry. After taking the SOA approach, Mitevski says one programmer who works with different businesses, quality testing, and support groups in his company can deploy new and updated products in 15 minutes. 'Speed to market' is the chief reason to adopt the SOA methodology, say Mitevski.