Model Driven Message Interoperability (MDMI): an Object Management Group (OMG) Standard

Transcription

1 Model Driven Message Interoperability (MDMI): an Object Management Group (OMG) Standard Joe Bugajski Co-Chair, OMG Financial Domain Task Force

2 Objectives of Presentation Overview of OMG MDMI Standard Potential Areas in Moving Forward Together

3 Model Driven Message Interoperability (MDMI), an OMG Standard MDMI addresses message interoperability for the financial services industry. It assures semantic consistency and promotes straight through processing independently of message format. Signed by VISA, IBM, Unisys, FireStar, others SWIFT is involved OMG liaison delegate (David Frankel, SAP) was consulted to ensure MDMI is aligned with new edition of ISO Version 1 approved by OMG Architecture Board

4 MDMI delivers business benefits and it has a solid technical foundation Uses ISO dictionary as lynchpin for interoperability of financial messages (XML and legacy formats) Supported by OMG s open technology Provides leverage to deploy open standards to permit reuse of existing IT assets while lowering operating costs Delivers message coexistence by separating data structures (syntax or wire format) from business meaning (semantics); i.e., model level compliance

5 UNIFI Dictionary is Central to MDMI IFX FpML FIX ISO 8583 SWIFT ISO Dictionary Bank The New Edition of contains foundation for integration of the MDMI and ISO

6 MDMI Defines Message Maps at the Model Level MDMI defines a machine-readable map An MDMI map separates syntax from semantics Data dictionary provides semantic interoperability Message Step 1: For a message a Map is created Syntax MDMI Map Semantic Step 2: Semantic Semantics are mapped to the Dictionary ISO Dictionary

7 Implementation Map Creation: Multiple, existing off-the-shelf tools can create maps (Step 1 and 2 from prior slide). Map Execution: Vendors will create software to process MDMI maps. For example, MDMI Map I MDMI Map II Message I Message II MDMI Maps can be created and published independently for ISO 20022, ISO 15022, X.9, FIX, FMPL, Proprietary, IFX, ISO 8583, and others

8 Benefits to Financial Industry Increase quality of message processing. Model Level Compliance will increase quality Decrease cost of message maintenance. Standards organizations will publish machine readable maps. End users may have to be concerned only with their internal formats Faster time to market for deploying interenterprise applications. With MDMI s Model Level Compliance, ISO provides a path to add elements to the dictionary

9 Ways for ISO RMG and OMG Finance to Collaborate and Cooperate Further alignment with ISO OMG MDMI Consortium Business Case Assistance Consortium Membership

10 Alignment with ISO ISO alignment has always been a fundamental design decision for MDMI. Since the initial meetings in 2004, MDMI considered ISO as basis and identified additional requirements. (Bank of America, VISA, SWIFT, others) WG4 and OMG Finance collaboration paved a path for ISO dictionary to become the main MDMI dictionary. MDMI delivers ISO solutions Solves message co-existence for legacy messages (SWIFT MT, FIX, ANSI X.9, ISO 8583, others) through model level compliance Provides a migration pathway for all financial services Delivers a practical approach for adding new messages as a combination of new data elements in the ISO data dictionary and new message maps.

11 Moving Forward Action I Goal: Make MDMI part of the ISO solution for Model Level Compliance. Does ISO have the same goal? Should there be an Statement of Intent? MDMI will have some additional requirements to ISO How would you like this to happen?

12 Moving Forward Action 2: the OMG MDMI Consortium Consortium formed to accelerate adoption of the MDMI Standard Goals include: Technically vet the standard. Determine and document the business case for the financial service industry to adopt MDMI Provide implementation proofs of concepts

13 OMG MDMI Consortium Formed in September of SWIFT and HSBC are contributing members Current status: Developed limited MDMI maps for 3 message sets These maps were independently developed.

14 MDMI Consortium Objective Prove the financial industry s (FI) business case for adopting MDMI and UNIFI. Help complete the MDMI business case analysis; expected benefits include: SEPA compliance ISO compliance for STP 820 (US Federal Reserve message) Lower costs for message maintenance and lower error rates

15 How to Make it Work Get Involved Become a member of the MDMI Consortium Benefit to Consortium members: Proactively address interoperability and continual coexistence problems Lower operating costs versus custom mappings Migrate to XML at a business appropriate pace Distribute new messages and versions quicker Members gain 1. Deeper understanding of MDMI 2. Influence MDMI development 3. Create maps in the safe OMG MDMI Sandbox 4. Increase visibility profile of your organization