The ABCs of Financial
Services XML"> The financial services industry is spawning dozens of sometimes competing standards as companies adopt XML for integrating internal systems and building partner-to-partner exchanges. FIXML: The XML version of the Financial Information Exchange messaging protocol, developed originally by Fidelity Investments and Salomon Brothers, now used by banks for securities and money exchanges.ISO 15022 XML: The International Organization for Standardization standard for merging SWIFTML and FIXML. Financial XML: FinXML.org is a commercial business that has developed the FinXML standard for electronic exchange. The format is patent-pending and could no longer be an open standard if a patent is granted. It supports a wide range of financial products, including money markets, loans and deposits, bonds, and derivatives. eMerge: The attempt by the insurance industrys standards body, the Association for Cooperative Operations Research and Development, to build a global XML standard that cuts across lines of insurance, including property and casualty, life, and reinsurance. FPML: Financial Products Markup Language is an XML standard for over-the-counter trading among financial institutions, with provisions for a variety of transactions, such as interest rate swaps and foreign exchange. OFX: Open Financial Exchange, sponsored by Microsoft Corp., Intuit Inc. and CheckFree Corp., defines how to execute transactions and download financial reports from institutions to consumer personal finance software. IFX: Interactive Financial Exchange is OFX with added functionality sponsored by major retail banks, such as Wells Fargo & Co., Bank of America Corp., FleetBoston Financial Corp. and CitiGroup Inc. It provides XML standards for funds transfers, credit card statements, recurring consumer or business payments, and bill presentment.
SWIFTML: The SWIFT networks XML; also used internationally by banks for securities and money exchanges.