With the diffusion of technology in business systems, the operating environment for systems’ interaction is becoming costly and complex. Service Oriented Architectures (SOA) help in creating a standardized, interoperable and reusable environment that eliminate these problems and create new opportunities. The growing business interest in service oriented architectures has resulted in the creation of Web services. Web services framework is an attempt at connecting business applications and processes with minimal human intervention. There has been great acceleration in the creation and availability of Web services from both the business and consumer perspectives. However, with Web services being made available, their effectiveness is limited if they cannot be located and interacted with efficiently. This paper identifies the value of the Universal Description, Discovery and Integration (UDDI) standard and how it acts as a catalyst for the Web services framework, from both intra and inter-organizational perspectives. Specifically, the paper documents the need for Web services, provides a guide to evaluate UDDI vendor products, and discusses the challenges and risks that ought to be addressed by an organization considering the UDDI standard.