The ABCs of Financial

By eweek  |  Posted 2002-04-08 Print this article Print

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.

SWIFTML: The SWIFT networks XML; also used internationally by banks for securities and money exchanges.

ISO 15022 XML: The International Organization for Standardization standard for merging SWIFTML and FIXML.

Financial XML: 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.


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