Transcript Project Reporting Template

XML for Financial Messaging
David White
Wells Fargo
[email protected]
Milton M. Anderson
FSTC
[email protected]
November 4, 1998
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© 1998 Financial Services Technology Consortium
Why XML?
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Language for describing syntax of text
messages/documents
Independent of presentation
Independent of semantics
Is supported by major standards bodies
Is being widely adopted by the industry
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© 1998 Financial Services Technology Consortium
Bank ExtraNets
Retail
Customers
Commercial
Customers
Mortgage
Company
The
Bank
Brokerage
House
Mutual
Funds
Wholesalers
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© 1998 Financial Services Technology Consortium
What Happens Naturally?
Echeck - SGML
<amount>9.95
<currency>USD
OTP 0.9 - XML
<PayAmount
Amount=“9.95”
CurrCodeType=“ISO4217”
CurrCode=“USD”/>
OFX 1.5 - SGML
<TRNAMT>9.95
IFX 1.0 - XML
<TRNCURAMT>
<CURCODE>USD</CURCODE>
<AMT>9.95</AMT>
</TRNCURAMT>
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BIPS - XML
<amount
encryption=
key-id=
encoding=
ccy=“USD”
>9.95</amount>
© 1998 Financial Services Technology Consortium
Customer Semantics
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Personal information
 Name
 Address
 Contact information
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Relationship details
 Householding
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Other
 Transactions
 Credit information
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© 1998 Financial Services Technology Consortium
Product Semantics
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Banking
Brokerage
Insurance
Mortgage
Mutual funds
Retirement plans
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© 1998 Financial Services Technology Consortium
Proposed Project
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Establish participation and a working group
Establish contact with relevant standards
bodies
Establish namespace and modeling approach
Define core customer message elements
Define a process for ongoing maintenance of
semantics
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© 1998 Financial Services Technology Consortium
Proposed Project
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Choose a product space for definition
Define message elements for the product
Define the message set
Produce a pilot implementation
Evaluate pilot and proceed, as appropriate
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© 1998 Financial Services Technology Consortium
Project Participation
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Banks interested in supplier or commercial
customer interfaces
Suppliers of mortgages, insurance, and other
products
Software vendors/integrators
XML community
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© 1998 Financial Services Technology Consortium
Conclusion
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XML can result in better interfaces with
suppliers and large customers
Standardization of data and transaction
semantics can reduce maintenance costs and
enhance business opportunities
An FSTC project on Financial XML can
facilitate standardization and demonstrate
benefits in pilot implementations
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© 1998 Financial Services Technology Consortium