links to information
(electronic Business Interchange Standard) XML
- exchange of purchase orders between different accounting
packages (developed with BASDA - Business and Accounting
Software Developers’ Association) "The
new standard was developed with the full support of
Microsoft, and a simple ‘double-click’ on the e-mail
will automatically fire-up Internet Explorer and display
the order. This overcomes the ‘having the first
fax machine’ problem as the recipient only needs to
have an e-mail address. Similarly, next year’s
versions of Microsoft Outlook and BizTalk will fully
support the new standard and interface. Discussions
are about to begin with the banks with a view to provide
a standard XML banking interface and BASDA are directly
involved with a number of Government departments in
developing XML schemas for business-to-government
(Open Financial Exchange)
"Open Financial Exchange supports a wide range of
financial activities including consumer and small business
banking; consumer and small business bill payment;
bill presentment and investments, including stocks,
bonds and mutual funds. Other financial services, including
financial planning and insurance, will be added
in the future and will be incorporated into the specification.
With Open Financial Exchange financial institutions
can now deliver online financial services to
their customers via transactional Web sites, thin clients
and popular financial management software that support
Open Financial Exchange."
OFX Version 2.0 adds a (US) Tax extension covering
W2 and 1099 information."
IFX (Interactive Financial Exchange)
1.1 XML specification governing business-to-business
transactions for the operation of ATMs, and the means
to communicate corporate payments. "
IFX 1.1.0 provides a framework
that supports the exchange of information between
(1) Cooperating financial institutions,
(2) Financial institutions and cooperative consumer
(3) Businesses and their financial service providers.
Enhancements featured in IFX 1.1.0 include:
(1) The Asynchronous Processing support to allow a server
that is unable to complete a response in a reasonable
time to complete it at a later time.
(2) The Debit and credit messages that authorize, commit
and reverse debits and credits for use in self-service,
point-of-sale, and other
applications that involve debiting or crediting an
(3) The Deposit Account Statement Inquiry message to
support balance and transaction reporting as
required in a corporate environment.
(4) The Single Payment Add message to support business-to-business
NOTE: this is not a standard but it is interesting to
see how a company such as Dresdner have used XML.
No doubt they will have input into any standard.
implementations at Dresdner Kleinwork Benson
aims to provide a robust, global infrastructure which
guarantees that information is passed in real-time between
systems in a format which is understandable to all systems.
However, it must also rapidly accommodate the inevitable
business changes which happen such as new financial
instrument types, new systems, and replacement of existing
systems. An example follows:
<Book>Dresdner Bank AG</book>
<Counterparty>Kleinwort Benson Securities</Counterparty>
From this document, it is easy (for someone who is familiar
with foreign exchange transaction) to infer that Dresdner
Bank AG has arranged for the delivery 10 million Euros
to Kleinworth Benson Securities on the 1st of September
1998 in exchange for 10,880,000 US Dollars. At the same
time, Kleinwort Benson Securities has arranged that
they will deliver 10 million Euros to Dresdner Bank
AG on the 3rd of March, 1999 in exchange for 10,925,000
US Dollars. Formerly,
this trade would probably have been confirmed either
by fax or electronically through a confirmation notice
delivered to their specific back-office systems. If
it was to be co-mingled with other trade data and included
in an excel spreadsheet for a financial controller,
it would either be re-typed or a specific interface
to the back office system would have to be built to
accommodate the request. Now that the message is available
in XML, however, it is captured in a self-describing
format and can be 'consumed' and interpreted by any
system with an XML parser and the logic required to
process such events - no system-to-system link is necessary.
Also, should either the foreign exchange or equities
department decide that they wanted to upgrade their
back-office systems, it would not be necessary to rebuild
all of the existing interfaces. As XML has decoupled
the systems from the source of the trade, it will only
be necessary to build in XML parsing technology - which
is relatively cheap and easy compared with full-scale
systems integration. Finally,
this document could exist anywhere on the network and,
as it is self-describing, it would have the same meaning.
No longer is it necessary to source data from one physical
system - with XML we are now able to use publish-and-subscribe
technology (which DealBus does indeed use) and allow
the distribution of the information to occur regardless
of the power, location, or platform of the source system."
Latest news on Dresdner's XML solutions
also - openadaptor
FpML, and FinML
FinXML and FIXML
"There are a number of industry
initiatives currently underway that are trying to encourage
the development and subsequent use of XML based financial
information exchange standards. Three of the most prominent
ones would be FpML, FinXML and FIXML.
describes itself as 'a business information exchange
standard for electronic dealing and processing of financial
derivatives instruments'. The standard was created by
JP Morgan and PriceWaterhouse Coopers but has subsequently
been handed over to a consortium of market participants,
software vendors and system integrators. It is initially
focused on interest rate swaps andFRAs .
has aimed to attain more comprehensive coverage. It
has been designed to be a framework to create ' a single
universal standard for data interchange within Capital
Markets'. This framework supports the use of vocabularies
that define various elements and attributes that represent
financial transactions, reference data, market data,
payments, settlements and confirmations. It also supports
a wide variety of related products. All these vocabularies
are based upon standards defined by ISDA.
might yet up stage both these standards is the proposed
FIXML which is the XML'ified FIX standard. This may
prove to be more palatable to banks who are supporting
incumbent FIX compatible legacy systems. FIX already
supports the majority of products and transactions that
both FinXML and FpML are targeting."
A New XML-based
Standard for Weather Derivatives Transactions.
Aims to Simplify Trading of Weather Derivatives.
XML Quote Request
"X4GFR allows software vendors,
programmers and end users who adopt it as a specification
to enhance the creation, exchange, and comparison of
financial reporting information. Financial reporting
includes, but is not limited to, financial statements,
general ledger information and regulatory filings such
as annual and quarterly financial statements. X4GFR
is a component of theXBRL framework."
from OASIS "ebXML
is a joint initiative of the United Nations body for
Trade Facilitation and Electronic Business (UN/CEFACT)
and OASIS to develop a technical framework that will
enable XML to be used in a consistent manner for the
exchange of all electronic business data."
Related Standards Roadmap
Includes information on:
"Many companies report a strong interest in XML.
XML, however, is so flexible that this is similar to
expressing a strong interest in ASCII characters. XML
enables advancements, but they are hard to achieve without
a consistent framework for XML implementations. The
BizTalk Framework implements a set of rules that make
it possible for a broad audience to adopt a common approach
to using XML. Further, as companies move beyond data
modelling using XML and start automating business processes,
BizTalk Framework message elements define a core set
of XML elements, attributes and tags that allow the
development of rich message passing technology that
is optimized to understand the BizTalk Framework. This
is important because XML forms the basis for an on-the-wire
contract that binds systems, eliminating the need to
find a common API or implementation platform."
XML.ORG Registry and Repository
"Applications that support
and enable electronic business depend on XML schemas
to define the rules of both the application and the
data. The last year has seen rapid growth in groups
developing such schemas--for horizontal applications,
e.g., ebXML core business documents, as well as for
vertical industries, e.g., the Open Travel Alliance,
RosettaNet, etc. Simply to develop, agree upon and make
these schemas available to a specific constituency,
however, is not sufficient. It is often equally vital
that potential members—those outside the target group--be
able to access schemas. As discussed by Robin Cover
in his white paper, “
Managing Names and Ontologies: An XML Registry and Repository,”
there are a number of issues that must be addressed
to ensure the success of both the schemas and the applications
information on ebXML and RosettaNet
Listing of W3C XML specs - a master list
of all XML-related specifications and proposals, developed
by or submitted to the World Wide Web Consortium (W3C).
With links to the following specifications:
for applications based on XML standards
"JOFX Enterprise Beans and Servlets implement the
complete Open Financial Exchange(OFX) protocol for the
development and deployment of a wide range of online
financial services. These include bill presentment,
banking, and investment information applications, based
on a multi-tiered, distributed object architecture.
consists of Client Enterprise JavaBeans(TM) (EJB) for
financial Portal developers, and Server EJBs and Servlets
Billers, Bankers, and Brokers. The JOFX components are
pre-developed pieces of application code that can be
assembled into working application systems by integrating
them with legacy applications. The JOFX toolkit implements
latest OFX 1.51 specification.JOFX Toolkit supports
OFX as well as XML. OFX is used as Message-Oriented
(MOM) between financial institutions and their customers,
and also for communication between financial institutions
themselves. XML is used by the application developer
for Presentation-Oriented Publishing (POP) in the browsers
different stylesheet for each portal." OASIS
standards site, ZDNet
article on BizTalk server, Good
summary of the important standards
"The standardization activities covered in this section
address such areas as Frameworks, Repositories, Content
Definition, Application Integration, etc"
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