Intel, IBM, and other companies announced on Wednesday a proposal to enhance PCI Express technology, the system that allows data to travel between major components within a computer.

The proposal, code-named Geneseo, outlines plans to allow components within computers to transfer data in between themselves at even higher rates, enabling better system response and quicker applications. The companies said data-intensive financial applications and content processing should see benefits.

“Five years ago Intel, along with IBM and other industry leaders, laid out a 10-year vision for an open, standards-based interface for the entire computer industry,” said Pat Gelsinger, senior vice president, general manager, Intel’s Digital Enterprise Group. “In 2004, PCI Express was the first step and today is the overwhelming choice for desktop, mobile and server systems. Geneseo is the next step in this vision and will address new requirements and opportunities that come with next-generation platforms.”

The original PCI Express Standard was delivered in 2004. The companies declined to say when the new standard will be commercially viable.