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About OMG's Finance DTF:

 

News:

The mission of the OMG's Finance Domain Task Force (DTF) is to promote the use of Financial Services and Accounting software that incorporate OMG standards; to provide an internationally recognized forum for industry focus on Financial Services and Accounting Facilities; to identify relevant standards, business architectures, research and technologies in this area of computing; and to assist and advise the OMG regarding its relationship with related Standards Organizations and Consortia. More on the mission statement can be found here. The most recent version of the Finance DTF roadmap will give you more information about our planned activities.

Finance Specifications:

Click here for a list of published OMG Finance specifications. Click here for a list of OMG Finance specifications under development. If you have any questions about these specifications, please feel free to contact the Finance DTF Co-Chairs.

Co-Chairs:
Mark Eisner
FireStar Software, Inc.
eisner@firestarsoftware.com
Joe Bugajski
The Burton Group
joe@syleum.com
Finance DTF Email Lists:

The OMG maintains a number of email lists for our groups. Click here to view the email list(s) which are pertinent to this group. Many lists are only open to members of the OMG.


How to get involved:

If you are interested in getting involved with this group, want more information or would like to come as a guest to an upcoming meeting and obtain temporary access to the mailing list, please contact one of our Account Representative or contact  the Chair.

Click here to participate in projects which are made available to everyone willing to contribute to development of standards chartered by the group.


Liaisons:

Finance DTF has a Category "D" liaison with ISO TC 68 in regard to defining financial services and aligning OMG specifications with ISO 20022.

Finance DTF works closely with ACORD to identify insurance industry requirements and coordinate the development of industry standards.

OMG has just announced a collaborative agreement with FIX Protocol Ltd (FPL) to begin work both strategically in the overall area of architecture and modeling, and tactically in providing an industry standard approach for automated conversion between disparate financial messaging syntaxes.

Upcoming OMG TC Meeting:

March 23-27, 2009, Washington, DC USA

  For meeting info and registration, click here.


Finance DTF Hot Topics

Model Driven Message Interoperability (MDMI) Specification (formerly the Standard Conversion Maps for Payment Data RFP)

The MDMI specification, being finalized, specifies mechanisms to provide conversions between message standards – particularly the IST harmonization payment kernel and the existing SWIFT, TWIST and IFX payment standards. Providing these formalized and standardized conversions should ease the acceptance of new standards as they will remove the need to update the large base of legacy applications using the older standards. The specification has attracted a lot of attention in the industry. A copy is available here.

UML Profile for XBRL Global Ledger (GL) Framework RFI

The Extensible Business Reporting Language (XBRL) is an emerging global standard for representing the syntax and semantics of business reporting languages, gaining traction in industry and government as an open standard for "business reporting" and especially compliance-related information. The purpose of this RFI  is to identify parties with an interest in formal models for operational and accounting systems integration. It focuses on those willing to participate in the development of UML models of XBRL GL and specifically a UML Profile for XBRL GL. A copy is available here.  

A webinar on this emerging standard is available at http://www.omg.org/news/xbrl_webinar.htm.

Insurance Working Group

A Finance DTF working group organized to develop Property and Casualty Information Models using MDA http://www.omg.org/mda/ as the foundation and standard Business Glossary to support P&C business functions (operational and analytics). Also, to develop a standard ‘Reference Model’ for P&C that can also be reused/extended in other related domains like Life and Reinsurance. For more information, go here.

MDMI Consortium

A consortium with the goal to have a number of players involved in a proof-of-concept to see and show that the Model Driven Message Interoperability (MDMI) Specification can deliver on the promise of financial message interoperability. Information will be available soon.

 

Last updated on: 06/02/2010

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