1 / 10

XML for Financial Messaging

XML for Financial Messaging. David White Wells Fargo djwhite@wellsfargo.com Milton M. Anderson FSTC miltonma@gte.net November 4, 1998. Why XML?. Language for describing syntax of text messages/documents Independent of presentation Independent of semantics

akina
Download Presentation

XML for Financial Messaging

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. XML for Financial Messaging David White Wells Fargo djwhite@wellsfargo.com Milton M. Anderson FSTC miltonma@gte.net November 4, 1998 Page1

  2. Why XML? • 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 Page2

  3. Bank ExtraNets Retail Customers Mortgage Company The Bank Commercial Customers Brokerage House Mutual Funds Wholesalers Page3

  4. Echeck - SGML <amount>9.95 <currency>USD OFX 1.5 - SGML <TRNAMT>9.95 IFX 1.0 - XML <TRNCURAMT> <CURCODE>USD</CURCODE> <AMT>9.95</AMT> </TRNCURAMT> OTP 0.9 - XML <PayAmount Amount=“9.95” CurrCodeType=“ISO4217” CurrCode=“USD”/> BIPS - XML <amount encryption= key-id= encoding= ccy=“USD” >9.95</amount> What Happens Naturally? Page4

  5. Customer Semantics • Personal information • Name • Address • Contact information • Relationship details • Householding • Other • Transactions • Credit information Page5

  6. Product Semantics • Banking • Brokerage • Insurance • Mortgage • Mutual funds • Retirement plans Page6

  7. Proposed Project • 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 Page7

  8. Proposed Project • 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 Page8

  9. Project Participation • Banks interested in supplier or commercial customer interfaces • Suppliers of mortgages, insurance, and other products • Software vendors/integrators • XML community Page9

  10. Conclusion • 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 Page10

More Related