This is efectively a password... except wait no its a user name and password in one field.
There is no technical reason per se why you shouldn't combine a username and password into one field but by convention oin the absence of additional secret keys they are two fields.
This is for three business reasons:
The account identity can be discussed unambiguously between people that should know the user identity (user name?!) but not possess the password
It is easiest in law to prove unauthorised access, should this ever be necessary, if the access protocol is conventional because then case law is more likely to apply and the situation is more likely to be clear cut (and to lead to smaller legal bills!). Not having a user name on a public network for a commercial system is not unheard of and in some systems is a good idea (but generally it just plain isn't... a good idea).
Guidelines on best practice in security generally and specific processes assume you use a user name and password rather than a combined field where possible. It may make it harder to formulate consensus policies down the line.
The password (or the password portion if you go with a combined username/password string) will be subject to all the usual recommendations on security regarding change policy, non-disclosure, complexity and length. I suggest you use SSL and WS-Security as well, to be as conventional in the security area as possible. You probably need encryption on the wire.
EDIT
I meant to write TLS not SSL.
EDIT
Sorry no I meant either TLS or WS-Security.