|
Action
Item
|
Description |
Business Benefit
|
Status |
| Financial Product RFP
|
A financial product is an
intangible good or service of perceived economic value that, when received,
generally provide for a revenue stream at some future point in time or protect
one or more parties against the risk of financial loss. The product
management facility maintains the definition of financial products. |
|
This RFP has been completed and
submitted for review and was readdressed based on comments from the
AB. Some modifications are still in progress, but through some
championing should soon be ready to take through the paces. |
| Financial Agreement RFP |
The agreement component
maintains information about contractual arrangements between parties.
Financial agreements include, for instance, credit card agreements, bank
account agreements, financial planning agreements, investment management
agreements, insurance policies, service agreements, loan agreements, and
warranties. These components may be associated with parties, products,
assets and liabilities, and they contain terms and conditions of the agreement.
|
|
This RFP has been developed in
conjunction with the Financial Product RFP and has the same status. It is
likely to be issued at the same time. |
| Payroll Facility RFP
|
Payroll is one of thos:PersonName>e industry vertical areas that have
little variability, but have several key interface areas that tend to be
proprietary. Payroll systems interact with HR systems, time management
systems, check printing facilities, reporting facilities, and financial
accounting systems. |
|
The Human Resources DSIG has
recently begun work on an RFP to capture the interfaces necessary to drive and
extract information from a payroll system. |
| Evaluation of the new IFX
specification |
This specification was created
outside of the OMG by a consortium of software vendors in the home banking
space (see Home Banking as well). Similar to other domain areas, this is
one of the areas where there has been a rapid flood of XML specifications . This working group is going
to evaluate the specification to determine how much of it we can use within
OMG. Part of this effort will be to reverse engineer the XML into UML
specifications and then use either the new XML Value mapping or XMI efforts to
produce the original XML to guarantee interoperability. |
|
Currently in progress
|
| Insurance Industry Reference
Model |
Recently, IBM has opened up the
IAA (insurance application architecture) blueprint for OMG evaluation.
The next steps are to create a working group to evaluate the model's
representation of the insurance industry. |
The reference model can help
identify areas in the industry where standardization will improve
interoperability. |
About to start
|
| Banking Industry Reference
Model |
With the help of some major
banking industry players, we are about to begin an effort to create a reference
model for the banking industry. RFPs will soon follow the evaluation.
|
This model will be used to
identify interoperability trouble spots in the industry. |
About to start
|
| Home Banking
|
This is related to the
evaluation effort listed on the IFX specification. This specification is
loosely a next version to the OFX specification created for bank and home
banking software communications. The IFX specification has been defined
by a consortium of vendors. It extends OFX features and uses XML to
define most of its data abstractions. |
The goal after evaluating
what they have produced is to define CORBA standards that are compatible
and interoperable with their work. |
Has championing but needs
evaluation |
| Accounts Payable / Accounts
Receivable |
The General Ledger Facility was
completed last year. It was a great start at attacking the core of the
financial products industry. However, most interoperability between
systems is with the AP and AR systems that are built on top of the GL.
There have been some recent discussions on continuing the momentum for these
important areas within financials. |
|
Needs championing
|
| Financial Calendar
|
This was actually one of the
first base technologies identified as valuable in the financial industry.
An RFP was issued and there were a couple of submitters, but the departure
of the submissions primary champion stalled the effort and forced the task
force to table the work. Many finance members still believe that a
standard to define financial activities and events on a formally specified
calendar would be valuable. |
|
Needs championing
|
| Stock Ticker Facility
|
Discussion on this topic began
back when the Currency Facility standard was being defined. Having a
standards based facility that provided online access to stock trading quotes,
highs/lows, trading volume and buy/sell bids would be valuable, especially now
that the industry is heavily becoming dependent on internet trading systems to
manage trades |
|
Needs championing
|