1. A method to be executed at least in part in a computing device for providing virtualized transaction management in a clustered system, the method comprising: receiving a request for a transaction manager resource from an application; assigning the application a transaction manager resource, wherein each cluster of the clustered system includes at least one transaction manager resource; determining the requested transaction manager resource; enabling use of the requested transaction manager resource by the application; providing transaction management services through the assigned transaction manager resource; determining whether a remote proxy is requested by the application; if the remote proxy is requested, enabling use of the remote proxy for accessing a transaction coordinator; dynamically assigning another transaction manager resource to the application in response to a change in a plurality of conditions associated with the assigned transaction manager resource, the plurality of conditions comprising at least a status of a node in the clustered system, wherein the status of the node comprises a migration of the node from one cluster in the clustered system to another cluster in the clustered system, wherein the change in the plurality of conditions in the assigned transaction manager resource is transparent to the application; abstracting a transaction manager instance from the requesting application employing a common interface; and storing registry settings associated with each transaction manager in a separate registry key such that a plurality of transaction manager instances are enabled to be active on a node.